Govt Launches 2nd Attempt to Privatize House Building Finance Company
The government has launched a second attempt to privatize the House Building Finance Company Limited (HBFCL), appointing a KPMG led … Read More The post Govt Launches 2nd Attempt to Privatize House Building Finance Company appeared first on ProPakistani .
The Pakistani government has initiated a second attempt to privatize the House Building Finance Company Limited (HBFCL) by engaging a KPMG-led consortium as the financial advisor for the proposed transaction. The Privatization Commission entered into a Financial Advisory Services Agreement with the consortium, which will handle the structuring of the transaction, valuation of HBFCL, and marketing to potential investors.
The consortium comprises KPMG, Bridge Factor, Haidermota & Co., HRSG, and Asiatic Public Relations. This move follows the failure of the government's previous endeavor to sell HBFCL. The only prequalified bidder in the earlier process, Pakistan Mortgage Refinance Company Limited (PMRCL), submitted an offer that fell short of the reference price approved by the federal cabinet.
The renewed privatization effort is driven by the government's desire to increase private sector involvement in housing finance and to effect changes in the management and governance of state-owned enterprises. The government anticipates that the transaction will bolster the development of Pakistan's housing finance market, enhance HBFCL's operational performance, and broaden access to mortgage financing for low and middle-income households.
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