Privatization Board Discusses Pakistan Steel Mills Revival

The current year's fifth meeting of the Board of the Privatization Commission (PC), chaired by Federal Minister and CEO Mohammed Mian Soomro, took place today in Islamabad.

The meeting was attended by the Federal secretary of privatisation, the chief executive officer 0f Pakistan Steel mills (PSM), the ministerial delegate, members of the PC board, and top ministry executives.

The major subject of the conference was the resurrection of PSM and the stakeholders, including the Ministry of Industry and PSM, took little corporate action.

The issues that led to the submission of the arrangement scheme to the Securities & Exchange Commission of Pakistan (SECP) included updated PSMC and its subsidiary financial reports, approvals to transfer utility links without burdens to the new subsidiary, consents to retain a new subsidiary by either the Securities and Exchange Commission of Pakistan (SEPT),

Minister Soomro underlined that in conjunction with the major stakeholders the outstanding questions are settled and the EOIs would be invited in the very near future.

A briefing was also given by the PC Board concerning updated CCoP decisions on approval of the Services International Hotel Lahore amended reserved pricing. In addition, the present progress of the Jinnah Convention Center privatisation has also been discussed and the prequalification of stakeholders has been observed.

The Board was informed that EOIs have already been launched for the recruitment of financial advisers to sell the remaining federal government properties.

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