Privatisation Board discussed revival of PSM

The matters leading to the filing of the scheme of arrangement with SECP were also discussed

ISLAMABAD (Dunya News) – The 5th Privatisation Commission Board on Friday discussed matters related to revival of Pakistan Steel Mills to turn it as an profit oriented state enterprise.

The 5th meeting of the current year held under the chairmanship of Federal Minister and Chairman Privatisation Mohammed mian Soomro.

Federal Secretary Privatisation, Chief Executive Officer Pakistan Steel Mills, representative from the Ministry of Industry and Production, PC Board members and senior officers of the ministry attended the meeting, said.

The commission discussed revival of PSM for which few corporate actions were to be performed by the stakeholders including the Ministry of Industries and Pakistan Steel Mills.

The matters leading to the filing of the scheme of arrangement with SECP were also discussed in the meeting, which included updated financial reports of the PSMC 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 government or PSMC and the desired size of divestment among others.

Main Soomro stressed that they were resolving the pending matters in collaboration with the main stakeholders and the EOIs were likely to be invited soon.

PC Board also briefed about the updated decisions of CCoP regarding the approval of revised reserved price of the Services International Hotel Lahore while the current status of the privatisation of Jinnah Convention Center was also discussed.

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