Privatisation minister says efforts underway to revive PSM

By Staff Reporter
Wednesday – January 27, 2021
ISLAMABAD: A meeting, on Tuesday, addressed the revival of Pakistan Steel Mills (PSM) to be undertaken as per the approved decision of the cabinet committee on privatisation (CCoP) that is the 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.

According to a press release, the privatisation minister Mohammed Mian Soomro and industries and production minister (IPM) Hammad Azhar co-chaired the meeting to review and discuss the progress made in the revival of PSM.

It was informed that the privatisation ministry is actively following the scheme of arrangement and that the transaction structure is already approved and a meeting to that effect is also being held.

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 January 31, 2021.

Moreover the other matters relating to the use of jetty, registration of a new subsidiary and others were deliberated upon in detail.

The ministers stressed to 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 resolve the issues which may arise.

The privatisation secretary, industries and production additional secretary and other senior officials of the ministries attended the meeting. The PSM chairman and chief financial officer (CFO) participated via video link.