ISLAMABAD: The privatization of Utility Stores Corporation has been delayed as its audit has not been completed, said the Managing Director (MD) of the corporation. He stated that once the audit is finalized, the privatization process will resume. As part of the transition, 5,000 permanent employees will be moved to the surplus pool, while 6,000 contractual and daily wage workers will be laid off.
These details were shared during a meeting of the Senate Standing Committee on Industries and Production, chaired by Senator Aon Abbas. MD Faisal Nisar Chaudhry informed the committee that Utility Stores Corporation is on the government’s privatization list, but the process has been stalled due to the pending audit for the last two years. The audit is expected to be completed by August 2025, and the initial valuation of the corporation’s properties has already been conducted.
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He further revealed that there are currently over 3,020 Utility Stores across the country, but 1,700 loss-making outlets will be shut down. After privatization, only 1,500 stores will remain operational, requiring a reduced workforce. At present, the corporation’s monthly expenditure stands at Rs. 1.02 billion, which has been reduced to Rs. 520 million after closing unprofitable stores.
Meanwhile, Senator Aon Abbas questioned why sugar prices had increased despite surplus stock in the country. He pointed out that 44% of the country’s sugar mills are owned by political families. He further added that the government had allowed the export of 700,000 tons of sugar this fiscal year, yet prices continued to rise. The committee plans to summon both the Competition Commission and sugar mill owners to investigate the matter.
