The Minister for Privatization, Muhammad Mian Soomro, has stated that the government is moving towards the revival of the Pakistan Steel Mills (PSM) in a transparent manner.
He said this while speaking at the weekly ministerial meeting that was chaired by the Minister for Finance, Industries and Production, Hammad Azhar.
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The current status of and the progress on the completion of the PSM transaction was discussed during the meeting., and the attendees deliberated upon the probable timeline of its completion.
It was decided that a new subsidiary should be formed to run the mills and to take responsibility for the carving out of key operating assets and core land. The new subsidiary will also perform operations like the verification and fair market valuation of the plant and machinery, stock-in-trade, the bifurcation and certification of the key operating assets, and the completion of the audit of financial statements for the period up to 31 December 2020, the newspaper report added.
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It was unanimously agreed upon during the meeting that the work for the revival of the PSM and the resolution of its related issues should be expedited.
The attendees of the inter-ministerial meeting also discussed matters related to the renewal and transfer of utility connections to the new subsidiary.
Additionally, the settlement of the outstanding dues of the Sui Southern Gas Company (SSGC) and the restructuring and settlement of bank liabilities were also on the agenda of the meeting, along with the obtaining of no-objection certificates from lenders.