Islamabad: The Cabinet Committee on Privatisation (CCoP) approved the Privatisation Commission’s Scheme of Arrangement (SOA) for the restoration of Pakistan Steel Mills (PSM) on Tuesday(August 10), according to media sources.
Minister for Privatisation Mohammad Mian Soomro, SECP Chairman, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr. Ishrat Hussain, minister for Industries and Production Khusro Bakhtyar, federal secretaries, and concerned senior officials attended the CCoP meeting, which was chaired by Finance Minister Shaukat Tarin.
The CCoP directed the PC to expedite the Expression of Interest process and ensure that it is finished as soon as possible. The SOA will be filed with the Securities and Exchange Commission of Pakistan (SECP) after receiving clearance from the CCoP.
During the meeting, Hassan Nasir Jamy, PC Secretary, updated the committee on the status of decisions made at the previous meeting in June. The committee also reviewed the substantive arguments for moving forward with the restoration of PSMC’s transaction structure.
Furthermore, Finance Minister Shaukat Tarin lauded the contributions of all key departments and ministries to the restoration of PSM.
It’s worth noting that the deal structure was approved in December of last year. The subsidiary was established in order to transfer designated assets and sell majority shares without transferring ownership.