KARACHI: A private expert has been hired to assess the land price of Pakistan Steel Mills handed over to National Industrial Park (NIP), the board of directors of the company have decided.
The present assessed price of the land will be applied, which will then be sold by NIP during 2017-18. A board meeting was held on Thursday in Karachi, presided by its chairman Engineer M.A Jabbar, reported Business Recorder.
Board was apprised regarding the enlisting of services of a private expert to assess current fair value and price of PSM land being given to NIP. The board believed prices of land had surged in last two years and NIP had sold the land at Rs18 million per acre in 2016-17.
The board noted NIP is currently selling land at Rs25 million per acre compared against Rs13 million in 2015. The meeting also reached a decision that entire amount of proceeds received from sale of land and inventory will be used for payment of gratuity, retirement benefits and provident funds of ex-employees.
Also, the board deliberated valuation report of land and infrastructure cost of 158 acres of land leased out to Port Qasim Authority for 30 years for setting up of coal stock yard and loading station on instructions of federal government.
According to valuators assessment, PSM was incurring infrastructure cost of Rs150 million on the land leased out to PQA.
Promotion of officers also came under discussion during course of the meeting, with positions vacant due to recent retirements of senior employees. Hence, the board decided the issue of promotions would be deliberated in the next meeting after assessing its financial impact.
