October 14, 2021: Important meeting regarding the revival of Pakistan Steel Mills Corporation (PSMC) held under the chairmanship of Federal Minister for Privatisation and Minister for Industries & Production Makhdoom Khusro Bakhtiar.
The Federal Secretary and other senior officials of the Ministry of Privatisation and Industries were present.
In the meeting both the ministries shared and discussed the progress made on part of both regarding the revival of Pakistan Steel Mills, the process which is expected to be completed in the third quarter of the current fiscal year. The roadshow with national and international investors regarding PSM concluded in the last month, which was quite encouraging as leading global investors expressed their interest to invest in PSM.
The Ministry of Privatisation in collaboration with the Ministry of Industries and other stakeholders is actively pursuing the corporate actions required to be completed prior to the subject transaction. In this regard, this meeting was held to overview the progress made thus far. The purpose of these corporate actions is to clear the subsidiary of all PSM liabilities and ensure uninterrupted provision of utility connections as well.
It was briefed in the meeting that the interested parties have started submitting SOQs, and the last date is 29 October 2021. The representative of the Ministry of Industries, regarding scheme of arrangement (SOA) with SECP, told that the same is under process and after the provision of requisite information along with updated financials of PSM (up to October 2021, duly approved by PSM Board) will be finalized by mid-November. Both the Ministries are following the matters regarding corporate actions which will be resolved soon.
Federal Minister for Privatisation said that after the settlement and resolution of payables and receivables matters the buyer side due diligence will commence.
Earlier in a Senate Standing Committee meeting, the committee was briefed about that transaction of Jinnah Convention Center (JCC) is halted on account of a change of stance on part of CDA, the committee directed that the CDA must clarify the matter before the committee.
Regarding Services International Hotel (SIH), Federal Minister Mohammedmian Soomro told the committee that the matter is pending till the submission of report by the Aviation Ministry to the Federal Cabinet regarding the determination of height and subsequent issuance of NOC for the final decision by the Federal Cabinet, as a committee was constituted by the Cabinet tasked to present the report within two weeks.
The standing committee was also informed about the transaction progress of National Power Parks (NPPMCL), which was delayed on account of sectoral issuance and Covid-19 pandemic but currently, the subject transaction is steadily moving towards completion.