January 26, 2020: Federal Minister for Privatisation Mohammed Mian Soomro and Federal Minister for Industries and Production co-chaired an important meeting to review and discuss the progress made in the revival of Pakistan Steel Mills (PSM). Federal Secretary Privatisation, Secretary, Additional Secretary Industries, and other senior officials of the Ministry attended the meeting. Chairman and CFO PSM participated via video link.
The revival of PSM would be undertaken as per the approved decision of CCoP/ Cabinet: transfer of core assets of PSM to a subsidiary owned wholly by the PSM which will be followed by the sale of majority shares of the subsidiary thus formed without transfer of full ownership.
The Ministry of Privatisation is actively following the scheme of arrangement and transaction structure is already approved and a meeting to that effect is also being held today.
In the meeting today, the ministers were briefed about the current status and progress and probable timeline for the completion of said transaction. The valuation of core assets to be transferred to a new subsidiary is underway and will likely be completed by 31st January; 2021. Moreover, the other matters relating to the use of jetty, registration of a new subsidiary and others were deliberated upon in detail.
Federal Minister said that we must strictly follow the timeline and complete the task in the defined period and both the Ministers resolved to extend their support to the maximum extent to solve the issues which may have arisen.