KARACHI: The Cabinet Committee on Privatisation (CCoP) has approved the transaction structure for Pakistan Steel Mills.
The federal Minister for Finance and Revenue, Dr Abdul Hafeez Shaikh, chaired the meeting of the CCoP on Thursday. The 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.
CCoP approved the transaction structure for Pakistan Steel Mills Corporation on the recommendation of the Committee chaired by the Minister for Privatization.
The approved structure for Pakistan Steel Mills will allow for, “Transfer of identified core operating assets into wholly owned subsidiaries of PSMC through Scheme of Arrangement (as provided in the Companies Act 2017) followed by the sale of majority shares of the newly formed subsidiary, without transferring full ownership to strategic private sector partners”.