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ISLAMABAD: The board of Privatisation Commission discussed on Wednesday the transaction structure for the revival of the Pakistan Steel Mills (PSM) before taking it to the Cabinet Committee on Privatisation (CCOP).

The board meeting discussed all the pending issues in the presence of the chief executive officer (CEO).

The PSM is not operational since June 2015.

Federal Minister for Privatization Mohammedmian Soomro chaired the PC meeting. Privatisation board members and senior officials of the ministry attended the meeting.

In the meeting, various matters relating to the PSM, the Heavy Electrical Complex (HEC), and the House Building Finance Corporation Limited (HBFCL) were discussed.

The meeting started with the approval of the minutes of the previous board meeting, and the discussion regarding transaction structure for the privatisation of the HEC ensued after that.

The matter regarding the review of the privatisation of HBFCL, as per the decision of Federal Cabinet was deliberated upon.

The PC Board unanimously decided that the matter may be placed before the CCOP for consideration.

The transaction structure for the privatisation of HEC was unanimously approved by the board members before its passage to the CCOP.

The decision; which would finally be approved by the CCOP, and subsequently ratified by the Federal Cabinet; pertains to the divestment of 96.6 percent government shares of the HEC.

The Privatization Commission is fully geared up for achieving its specified objectives. This is the seventh transaction approved, since the start of the privatisation plans adopted in October 2018, and the Privatization Commission will be focusing to complete these transactions successfully along with other transactions, which are currently in process.

The transaction structure(s) approved by the Board of Privatisation Commission will be presented to the CCOP for their approval in the next few days.

Copyright Business Recorder, 2020