Daily Times

Federal Minister for Privatisation Mohammed mian Soomro has said that expression of interests (EOIs) for the revival of Pakistan Steel Mills (PSM) are likely to be invited very soon.

The minister said this while chairing the 5th Privatisation Commission Board meeting of the current year on Friday. Secretary privatisation, CEO PSM, representative from the Ministry of Industry and Production, PC Board members and senior officers of the ministry attended the meeting. The minister said, “We are resolving the pending matters in collaboration with the main stakeholders and the EOIs are likely to be invited very soon.”

The meeting discussed the revival of PSM. The meeting was informed that there are a few corporate actions which are 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 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 the federal government or PSMC and the desired size of divestment, among others. The PC Board was also briefed about the updated decisions of the Cabinet Committee on Privatisation (CCoP) regarding the approval of revised reserved price of the Services International Hotel Lahore.