AIRLINK 74.64 Decreased By ▼ -0.21 (-0.28%)
BOP 5.01 Increased By ▲ 0.03 (0.6%)
CNERGY 4.51 Increased By ▲ 0.02 (0.45%)
DFML 42.44 Increased By ▲ 2.44 (6.1%)
DGKC 87.02 Increased By ▲ 0.67 (0.78%)
FCCL 21.58 Increased By ▲ 0.22 (1.03%)
FFBL 33.54 Decreased By ▼ -0.31 (-0.92%)
FFL 9.66 Decreased By ▼ -0.06 (-0.62%)
GGL 10.43 Decreased By ▼ -0.02 (-0.19%)
HBL 114.29 Increased By ▲ 1.55 (1.37%)
HUBC 139.94 Increased By ▲ 2.50 (1.82%)
HUMNL 12.25 Increased By ▲ 0.83 (7.27%)
KEL 5.21 Decreased By ▼ -0.07 (-1.33%)
KOSM 4.50 Decreased By ▼ -0.13 (-2.81%)
MLCF 38.09 Increased By ▲ 0.29 (0.77%)
OGDC 139.16 Decreased By ▼ -0.34 (-0.24%)
PAEL 25.87 Increased By ▲ 0.26 (1.02%)
PIAA 22.20 Increased By ▲ 1.52 (7.35%)
PIBTL 6.80 No Change ▼ 0.00 (0%)
PPL 123.58 Increased By ▲ 1.38 (1.13%)
PRL 26.81 Increased By ▲ 0.23 (0.87%)
PTC 14.01 Decreased By ▼ -0.04 (-0.28%)
SEARL 58.53 Decreased By ▼ -0.45 (-0.76%)
SNGP 68.01 Decreased By ▼ -0.94 (-1.36%)
SSGC 10.47 Increased By ▲ 0.17 (1.65%)
TELE 8.39 Increased By ▲ 0.01 (0.12%)
TPLP 11.05 Decreased By ▼ -0.01 (-0.09%)
TRG 63.21 Decreased By ▼ -0.98 (-1.53%)
UNITY 26.59 Increased By ▲ 0.04 (0.15%)
WTL 1.42 Decreased By ▼ -0.03 (-2.07%)
BR100 7,943 Increased By 105.5 (1.35%)
BR30 25,639 Increased By 187.1 (0.73%)
KSE100 75,983 Increased By 868.6 (1.16%)
KSE30 24,445 Increased By 330.8 (1.37%)
Pakistan

Soomro stresses need to revive PSM

  • The aim of the weekly meeting was to identify the bottlenecks in each transaction at every stage and there has been a considerable progress in 18 identified entities.
Published May 19, 2021

ISLAMABAD: Federal Minister for Privatisation Mohammed Mian Soomro here on Wednesday stressed the need to revive Pakistan Steel Mills Corporation which would help in boosting the national economy.

Chairing a meeting, which was held to review and discuss the progress so far made in the privatisation of Public Sector Enterprises (PSEs), the minister expressed his serious concerns regarding the delay in resolving the pending issues regarding PSM.

Minister for Privatisation directed for taking up the matters with Ministry of Industries in order to address the issues faced in reviving the PSM.

The meeting was also attended by attended by Federal Secretary and other senior officers of the ministry, says a press release.

The aim of the weekly meeting was to identify the bottlenecks in each transaction at every stage and there has been a considerable progress in 18 identified entities.

The meeting observed that recent pandemic situation, was affecting the investors’ interest and timely closure of the transactions. NPPMCL for instance is, one of the major transactions which were scheduled to be completed during current fiscal year is impacted by covid-19, and the pandemic situation is also hampering the visit from foreign investors interested in these entities.

The timeline for other transactions including SME Bank, First Women Bank Limited, Jinnah Convention Center, House Building Finance Corporation Limited, and Services International Hotel have also been extended further owing to the pandemic and resultant market conditions.

However, despite pandemic restrictions the other matters regarding the transactions are been meticulously taken up with line ministries and divisions, and most of the transactions have been at the advanced stages of completion.

Federal Minister was apprised about the status of various entities and issues thereof, to which he said that all the matters relating to the line ministries be taken up on priority.

It was emphasized that all transactions should be completed with the given legal framework.

The decision regarding the divestment of the shares of OGDCL and PPL would be finalized after the meeting of Cabinet Committee on Privatisation.

Comments

Comments are closed.