Homework for privatisation of PSM completed: minister

ISLAMABAD: Privatisation Minister Mian Muhammad Soomro has said that the ministry has completed the homework for the privatisation of state-owned Pakistan Steel Mills (PSM) and an announcement is likely to be made in a few days, ARY News reported on Thursday.

Mian Muhammad Soomro said in a statement that the federal government was making efforts to revive the state entity Pakistan Steel Mills (PSM) instead of its privatization.

The entities listed for the privatisation by the federal government include Jinnah Convention, House Building Finance Corporation, Heavy Electrical Complex, First Women Bank, said the minister, adding that the privatisation programme is for all public sector.

READ: PRIVATIZATION COMMITTE MULLS OVER WAYS TO REVIVE STEEL MILLS, OTHER ENTITIES

He clarified that the government was not mulling over the privatisation of Pakistan Television Corporation (PTV).

Soomro said that Imran Khan was opposing the procedures but not privatisation. The prime minister was paying attention to the transparent privatisation of the state entities. The minister said that the government is making the privatisation process transparent through the ordinance.

In July, Federal Minister for Privatisation Muhammad Mian Soomro had said that the ministry is focused on the timely completion of the transactions of the state-owned enterprises (SOEs) which were already extended due to the COVID-19 pandemic.

READ: FED GOVT DIRECTS TO EXPEDITE PSM REVIVAL, ESTABLISHMENT OF SUBSIDIARY

While chairing a review meeting regarding the current status and progress in the privatisation of national entities, He had said, “We are resolved to compress the timelines for the transaction completion of the identified entities and putting an all-out effort to improve the efficiency of these public sector entities on the one hand and reduce the fiscal burden on the economy on the other.”

The latest progress report in the transaction of state-owned enterprises (SOEs) was presented and various issues were discussed in the meeting.

The report stated that 23 out of 27 federal government properties across Pakistan were auctioned last year while Expressions of Interest (EOI) are already published for hiring the financial advisors for the remaining unsold properties.