PSMC privatisation: Body for placing proposed transaction structure before CcoP

ISLAMABAD: The transaction committee on Pakistan Steel Mills (PSMC) has recommended placing a proposed transaction structure to the Cabinet Committee on Privatisation (CCoP). Federal Minister for Privatisation Mohammedmian Soomro chaired a committee meeting to review the transaction structure for the PSMC.

The committee constituted by the CCoP, on October 19, 2020, comprised Minister for Industries and Production Hammad Azhar, Chairman, Board of Investment, Secretary Privatisation, Secretary Finance, and Financial advisors for the PSMC.

Advisor to the Prime Minister on Institutional Reforms Ishrat Hussain, Special Assistant to the Prime Minister on Petroleum Nadeem Baber, and Special Assistant to the Prime Minister on Power Tabish Gohar, attended the meeting on special invitations.

The committee decided that the transaction structure as proposed by the Ministry of Privatisation may be placed before the CCoP in the next meeting for approval. In the meeting, the transaction structure for the revival of the Pakistan Steel mills was discussed in a holistic manner. The participants unanimously agreed to the transaction structure recommended by the PC Board and presented to the CCoP in its meeting held in November 2020.

Copyright Business Recorder, 2020