“It's not government's business” the adage goes, “to do business”. However, Pakistan, like several other countries, has historically operated a large portfolio of public sector services. Such organisations have typically suffered due to poor service quality, mismanagement and lack of incentives due to limited competition. Successive governments since 1991 have therefore made privatisation a cornerstone of their economic agenda. Of late a trend towards public-private partnerships (PPP) can however be seen globally, rather than outright divestment of majority share which is a key characteristic of privatization. This is expected to bring about advantages of both options while at the same time mitigating risks for each party. In reality, most privatization transactions are a form of PPP and lie on one end of its scope spectrum. The key is to find just the right mix of public and private participation so that the project can be optimized at all fronts i.e. for the government, the private entity and the consumers at large. Services under this area include:
- Strategic review of industry sectors within Pakistan and abroad
- Benchmarking studies using key sector norms and international best practices
- Framing transaction structure and formulation of privatization/PPP strategy
- Demutualization strategy and implementation
- Development of information memoranda and other marketing documents
- Transaction marketing and road shows to identify investors
- Data room (Physical/Electronic) development and management
- Stakeholder and investor liaison and coordination
- Negotiation assistance
- Regulatory compliance and coordination services (tariff petition, licenses etc)
- Development of evaluation criteria
- Due diligence exercises along various business parameters
- Financial modeling and investment appraisal
- Capital restructuring advice
- Valuation studies
- Project management and monitoring support.
- Transaction support in corporate, regulatory and taxation matter
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