Govt reviews progress on PSM’s revival

The government on Tuesday reviewed and discussed the revival of Pakistan Steel Mills (PSM), which would be undertaken as per the Cabinet’s decision wherein core assets of PSM would be transferred to a subsidiary owned wholly by the mills, followed by the sale of the majority shares of the subsidiary thus formed without transfer of full ownership.

In this regard, Federal Minister for Privatisation Mohammed Mian Soomro and Federal Minister for Industries and Production Hammad Azhar co-chaired a meeting to review and discuss the progress made in the revival of PSM on Tuesday.

Federal secretary Privatisation, additional secretary Industries, and other senior officials of the ministry attended the meeting. PSM chairman and CFO participated via video link.

According to a press release, the Ministry of Privatisation is actively following the scheme of the arrangement, whereas the transaction structure has already been approved.

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

Soomro said that they must strictly follow the timeline and complete the task in the defined period. He along with Hammad Azhar resolved to extend their support to the maximum extent to solve the issues which may have arisen.

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