PIA, PSM among 31 organizations to be privatized: Committee

ISLAMABAD: The Cabinet committee for Privatization has decided to privatize 31 state-run organizations including Pakistan International Airlines (PIA) and Pakistan Steel Mills (PSM) by floating their 26 percent shares, Geo News reported Thursday.

According to sources, the decision was taken at a meeting of the Cabinet committee held here under the chairmanship of Finance Minister, Ishaq Dar.

The organizations whose 26 percent shares will be floated by the government include PIA, PSM, power distribution companies and United Bank Limited (UBL), sources said.

The administrative control of some of the above organizations will also be handed over to the private sector.

The Cabinet committee meeting also decided to sell 26 percent more shares of UBL and Muslim Commercial Bank (MCB) held by the government.