HBFCL Privatisation Process Moves Forward as KPMG-led Consortium Signs Advisory Agreement

ISLAMABAD: The privatisation process of House Building Finance Company Limited (HBFCL) has taken a significant step forward with the signing of a Financial Advisory Services Agreement (FASA) between the Privatisation Commission and a consortium led by KPMG.

According to Privatisation Commission spokesman Imran Ghaznavi, the KPMG-led consortium includes Bridge Factor, Haidermota & Co, HRSG and Asiatic PR.

The financial adviser will conduct due diligence and valuation of HBFCL and assist in preparing the transaction structure for its privatisation. It will also support the Privatisation Commission throughout the marketing and other stages of the transaction.

Ghaznavi said this was the second attempt to privatise HBFCL. The previous process was cancelled after the sole bidder’s offer fell below the reference price.

He said the objective of HBFCL’s privatisation was to make the housing finance sector more active and dynamic. Greater private-sector participation would help improve access to housing finance for low- and middle-income groups, he added.

The Privatisation Commission will work with all relevant stakeholders to ensure transparency throughout the privatisation process, Ghaznavi said.