Privatization Commission discusses revival of Pakistan Steel Mills

July 8, 2021: The 5^th Privatisation Commission, Board meeting of the current year held today in Islamabad, under the chairmanship of the Federal Minister and Chairman Privatisation Mohammedmian Soomro. Federal Secretary Privatisation; CEO Pakistan Steel Mills, a representative from the Ministry of Industry and Production,  PC Board members, and senior officers of the Ministry attended the subject meeting.

The main agenda which was discussed related to the revival of PSM, there were few corporate actions that were 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 Ministry of Industry or PSM and the potential size of divestment among others.

Federal Minister stressed that we are resolving the pending matters in collaboration with the main stakeholders and the EOIs are likely to be invited by the end of this month.

PC Board also briefed about the updated decisions of CCoP regarding PECO land sale, approval of the the revised reserved price of the Services International Hotel Lahore, the current status of the privatization of Jinnah Convention Center was also discussed, and the prequalification of the interested parties is underway. The Board was informed that the EOIs for the hiring of financial advisors for the sale of remaining federal government properties is already published.

Press Release