ISLAMABAD: A review meeting for the revival of the Pakistan Steel Mills (PSM) was held jointly by the Minister for Privatisation and Minister for Industries Tuesday.

Federal Minister for Privatisation, Mohammedmian Soomro and Federal Minister for Industries and Production, Hammad Azhar co-chaired this important meeting to review and discuss the progress made in the revival of the PSM.

Federal secretary privatisation, secretary, additional secretary industries, and other senior officials of the ministry attended the meeting.

The chairman and CFO PSM participated via video link.

The revival of the PSM would be undertaken as per the approved decision of the CCoP/Cabinet: transfer of core assets of the PSM to a subsidiary owned wholly by the PSM which will be followed by the sale of majority shares of the subsidiary thus, formed without transfer of full ownership.

The Ministry of Privatisation is actively following the scheme of arrangement, and transaction structure is already approved, and a meeting to that effect is also being held.

In the meeting, the ministers were briefed about the current status and progress and timeline for the completion of said transaction.

The valuation of core assets to be transferred to a new subsidiary is under way and will likely be completed by 31st January 2021.

Moreover, the other matters relating to the use of jetty, registration of a new subsidiary and others were deliberated upon in detail.

Soomro said that we must strictly follow the timeline and complete the task in the defined period.

Both the ministers resolved to extend their support to the maximum extent to solve the issues which may arise.

Copyright Business Recorder, 2021