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The federal government has taken another key step in the First Women Bank Limited privatisation process as the Privatisation Commission (PC) Board recommended a reference price to the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT).
The 240th meeting of the PC Board, chaired by Muhammad Ali, Chairman of the Privatisation Commission, finalized the recommendation that will now move to the Cabinet Committee for review. This marks a major milestone toward finalizing the proposed Government-to-Government (G2G) deal for the sale of First Women Bank Limited.
Incorporated in 1989, FWBL is 82.64% owned by the Government of Pakistan. The International Holding Company (IHC), a nominee of the United Arab Emirates (UAE) government under the Inter-Governmental Commercial Transactions Act, 2022, is being considered as a potential investor.
Once approved by the CCoIGCT, the transaction will progress to formal engagement with the UAE’s nominee. The successful completion of the process is expected to attract new foreign direct investment (FDI) and boost investor confidence in Pakistan’s privatisation program.
In another decision, the PC Board approved a consortium led by Raiffeisen as the top-ranked financial advisor for the privatisation of Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO). Competing consortia included groups led by Baker Tilly, Alvarez & Marsal, and EY (Ernst & Young).
The Board also formed a Negotiation Committee to finalize the Financial Advisory Services Agreement (FASA) with the Raiffeisen-led consortium.
The Privatisation Commission reiterated its commitment to transparency and strategic reforms to strengthen Pakistan’s economic outlook and attract sustainable investment.
