ISLAMABAD: The Board of Privatisation Commission (PC), which is scheduled to meet on Thursday (June 3), is all set to reconsider the valuation of Pakistan Steel Mills (PSM), well-informed sources told Business Recorder.
The PC, sources said, has got new valuation of PSM’s assets from Iqbal A Naanjee & Co, which is far less than the value determined by M/s Joseph Lobo Pvt Ltd.
PC argued that its comments and views on the report of Joseph Lobo are part of the official record as well as communicated to MoI&P, PSMC and the valuer. However, PSMC appointed valuer has time and again failed in professional duty to provide satisfactory justifications to the queries raised.
The Board will also approve revised reserve price of Services International Hotel. Earlier, the PC Board had approved Rs 2.2 billion reserve price of Services International Hotel.
Other agenda items of the PC Board are as follows: (i) delisting of Pakistan Engineering Company (Peco) from privatisation programme; (ii) sale of 17 properties owned and controlled by federal government; (iii) hiring of services of audit firm for external audit from FY 2013-14 to FY 2020-21; (iv) confirmation and implementation status of decisions of 191 and 192 PC Board meetings held on March 11, 2021 and March 24, 2021 respectively and; (v) presentation on privatisation programme.
The Board is also expected to discuss other issues to be raised by the members with the permission of chairman.
Copyright Business Recorder, 2021