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ISLAMABAD: The matters related to the transaction of the Pakistan Steel Mills (PSM) and the Heavy Electrical Complex (HEC) was discussed in a meeting jointly chaired by Federal Minister for Privatisation Mohammed-mian Soomro and Federal Minister for Energy Hammad Azhar on Wednesday.

The committee was briefed that the transaction of the PSMs is at advanced stage along with the status of corporate actions to be completed prior to the revival of the PSMC.

The major focus was on the availability of utility connections to the newly-formed subsidiary of the PSMC, its liabilities towards the Sui Southern Company and issuance of NOC from the Sui Southern Gas Company Limited, which is mandatory for seeking approval for scheme of arrangement (SOA) from the SECP.

The Sui Southern was asked to take up the matter in its Board meeting and issue the requisite NOC, so that the process of privatisation/ revival of the PSM could be completed without hindrance within stipulated time.

The matter regarding the extension of the validity of type testing licence for the HEC by the Power Division was also discussed.

Federal Minister Soomro said that this extension would incentivise the potential buyer(s) of the HEC and also would provide them a ground to start manufacturing the transformers without any break.

It was proposed that the subject matter would be taken up with the National Transmission and Dispatch Company Limited (NTDC) and after exhausting this option it would be taken to the CCoP for clear directions, before the bidding date of the HEC.

Later on, the federal minister for privatisation also chaired a meeting to review the progress in various ongoing transactions.

The minister was briefed that the bidding of Heavy Electrical Complex is expected in mid-January 2022. He was also briefed that top international investors are pre-qualified for the PSM and a report will be formulated for the approval pre-qualification committee and the PC Board.

Regarding National Power Parks Management Company Limited (NPPMCL), it was briefed that the, debt-refinancing process will be started soon after approval of the CCoP.

The federal minister was also briefed about the updated status of the House Building Finance Corporation Limited (HBFCL), the First Women Bank Limited (FWBL), the Pak Re-insurance Limited (PRCL), the HEC, and the DISCOs.

In the meeting, federal secretaries of Privatisation, Power Division, Petroleum Division, Industries, and the representatives of the Ministry of Industries and Production, Finance, the SSGCL, the HEC, and financial advisors were present.

Copyright Business Recorder, 2021

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