Inter-ministerial: Weekly progress review meeting on PSM held

ISLAMABAD: The Privatisation Commission, on Wednesday, held an inter-ministerial weekly progress review meeting on the Pakistan Steel Mills (PSM). In the meeting, various issues relating to the formation of new subsidiary by the PSMC, carving out of key operating assets (KoA) and core land including verification and fair market valuation (FMV) of plant and machinery, stock-in-trade, bifurcation and certification of KOAs, completion of audit of financial statements for up-to 31st December 2020 were discussed.

Federal Minister for Privatisation, Mohamme-dmian Soomro, co-chaired the meeting along with Minister for Industries and Production Muhammad Hammad Azhar. Federal secretary privatisation, additional secretary industries, other senior officials of the ministry and the Steel Mills also attended the meeting.

The PSM chairman, the Port Qasim Authority (PQA) chairman, and the federal secretary industries, participated via video link. The matter regarding renewal/transfer of utility connections to new subsidiary and settlement of out-standing dues of the SSGC was conversed in the meeting.

Restructuring/settlement of the NBP and other banks liabilities and obtaining NOCs from lenders was also part of the discussion. The issues of jetty and right of way between the PSMC and the Port Qasim Authority were also discussed in detail.

Copyright Business Recorder, 2021