Privatisation Board reviews measures for revival of Pakistan Steel Mills

ISLAMABAD: The 5th Privatisation Board meeting on Friday reviewed the measures to revive the Pakistan Steel Mills (PSM) and highlighted a few corporate actions, which were to be performed by the stakeholders, including the Ministry of Industries and Pakistan Steel Mills.

The meeting chaired by the Federal Minister for Privatisation and PC Board Chairman Mohammedmian Soomro also discussed matters related to the filing of the scheme of arrangement with the Securities and Exchange Commission of Pakistan (SECP), updated financial reports of the Pakistan Steel Mills Corporation and its subsidiary, approval of the board for transferring the utility connections to the newly-formed subsidiary without encumbrances, approval for the retention of the new subsidiary either by the government of Pakistan or PSMC and the desired size of divestment among others.

The minister stressed that the pending issues were being resolved in collaboration with the main stakeholders and the expressions of interest (EoIs) are likely to be invited soon.

The Privatisation Commission Board also briefed about the updated decisions of the Cabinet Committee on Privatisation (CCoP) regarding the approval of the revised reserved price of the Services International Hotel Lahore, and the current status of the privatisation of Jinnah Convention Centre for which the prequalification of the interested parties is underway.

The board was informed that the EoIs for hiring of financial advisers for the sale of the remaining federal government properties is already published.

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