CCoP approves Transaction Structure for Pakistan Steel Mills

By MG News | December 24, 2020 at 06:34 PM GMT+05:00

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December 24, 2020: The Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the meeting of the Cabinet Committee on Privatization (CCoP) today.

Minister for Industries and Production Hammad Azhar, Minister for Maritime Affairs Ali Haider Zaidi, SAPM on Petroleum Nadeem Babar, Minister for Privatization Mohammad Mian Soomro, Adviser to the PM on Commerce Abdul Razak Dawood, Minister for Energy Omar Ayub, SAPM on Power Tabish Gauhar and other senior officials of the Ministries of Finance, Industries & Production and Privatization Commission participated in the meeting.

On the recommendation of the Committee chaired by the Minister for Privatization, the CCoP approved the Transaction Structure for Pakistan Steel Mills Corporation.

The approved structure for Pakistan Steel Mills will allow for, “Transfer of identified core operating assets into wholly owned subsidiary of PSMC through Scheme of Arrangement (as provided in the Companies Act 2017) followed by sale of majority shares of the newly formed subsidiary, without transferring full ownership to strategic private sector partner”.

Press Release

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