Privatization committe mulls over ways to revive steel mills, other entities

ISLAMABAD: The Privatization committee meeting on Friday chaired by the federal minister Mohammed Mian Soomro discussed the revival of Pakistan Steel Mill (PSM) and the relevant actions to be performed by the stakeholders including the industries ministry, ARY News reported.

The board meeting of the 5th Privatisation Commission was also attended by the federal secretary of privatization and PSM CEO, while it also included representatives from the Ministry of Industry and Production.

The press statement released following the meeting today noted the main agenda which was discussed was related to the revival of PSM.

“There were few corporate actions which were to be performed by the stakeholders including the Ministry of Industries and Pakistan Steel Mills.”

The filing of the scheme of arrangement -a court-approved agreement between a company and its shareholders- with the Security and Exchange Commission of Pakistan (SECP) was also discussed in the meeting.

Federal minister Soomro said that the committee is resolving the pending matters in collaboration with the main stakeholders and the Expressions of Interest (EOI) are likely to be invited very soon.

The legal matters of such a filing included updated financial reports of the Pakistan Steel Mills Corporation (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 GoP or PSMC; and the desired size of divestment among others.