PC Board discusses investors’ pre-qualification criteria for PSMC
ISLAMABAD: A meeting of the Privatisation Commission (PC) Board discussed the prequalification criteria of investors for the revival of Pakistan Steel Mills Corporation (PSMC), auction result of Services International Hotel (SIH) among others.
Federal Minister for Privatisation Mohammedmian Soomro chaired the meeting.
The revival of Pakistan Steel Mills is one of the important objectives of the privatisation plan, as the mills is not working since 2015; hence, the government plans to bring foreign and domestic investors for the revival of the largest industrial corporation of Pakistan.
There have been consecutive meetings with the stakeholders and the ministries to resolve the issues. According to the transaction features approved by the Cabinet Committee on Privatisation (CCoP), the identified core operating assets would be transferred to the new subsidiary owned by PSMC named Steel Corporation (Pvt) Ltd, and then the divestment of 51 per cent to 74 per cent equity stakes of the subsidiary would be conducted through the bidding process.
In view of the decision of the Cabinet Committee on Privatisation, expressions of interest (EoI) for investors would be invited, for their pre-qualification.
The draft document containing eligibility criteria along with the basis of disqualification for the potential investors was placed before the PC Board for deliberation and approval.
The board approved the request for statement of qualifications (RSoQ) and the EoI documents. In the light of the decision of the Federal Cabinet, the Ministry of Privatisation will publish the advertisement, inviting the expression of interest after filing the scheme of arrangement (SoA) by the Pakistan Steel Mills (PSM) with the Securities and Exchange Commission of Pakistan.
The PC Board also recommended the highest bidder for Service International Hotel, i.e., Faisal Town Pvt Ltd along with the offered bid, which is higher than the reserved price.
The letter of acceptance to the successful bidder will be issued after seeking approval of the CCoP/Cabinet. Moreover, in pursuance of the approval of the PC Board, 12 prequalified parties for the Jinnah Convention Center have been notified for participating in the future steps of the bidding.
The federal minister said: “We have come [a] long way, with a focused objective to revive the largest industrial unit of Pakistan, which could run in its best capacity and contribute to the national economy.”
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