The Federal Minister for Privatization, Mohammed Mian Soomro, and the Federal Minister for Industries and Production, Hammad Azhar, co-chaired an important meeting to review and discuss the progress made in the revival of the Pakistan Steel Mills (PSM).
The revival will be undertaken as per the approved decision of the Cabinet Committee on Privatization (CCoP) that involved the transfer of the core assets of the PSM to a subsidiary owned wholly by the PSM, to be followed by the sale of the majority of the shares of the subsidiary thus formed without the transfer of full ownership.
The Ministry of Privatization is actively following the scheme of arrangement. The transaction structure has already been approved, and a meeting was also held today in this regard.
In the meeting, the ministers were briefed about the current status and progress, and a probable timeline for the completion of this transaction. The valuation of the core assets to be transferred to a new subsidiary is underway and is likely to be completed by 31 January 2021.
Other matters like the use of the jetty and the registration of a new subsidiary were deliberated on in detail. The Federal Minister declared that they must follow the timeline strictly and complete the task within the allotted period, and both the Ministers resolved to extend their maximum support to solve issues.
The Federal Secretary Privatization, the Secretary, the Additional Secretary Industries, and other senior officials of the ministry attended the meeting in person while the Chairman and CFO PSM participated via video link.