RIZWAN BHATTI
KARACHI: The Board of Directors (BoD) of Pakistan Steel Mills (PSM) has decided that the current fair price of land handed over to National Industrial Park (NIP) for development of industrial park at Bin Qasim will be evaluated by a private evaluator.
The current evaluated price will be applied on that land, which will be sold by the National Industrial Park during 2017-18.
The PSM BoD meeting held on Thursday in Karachi was chaired by its chairman Eng M A Jabbar. The meeting also confirmed the minutes of the 393rd Board of Directors meeting held in December, 2017.
The board was informed that an evaluator has already been appointed for current fair valuation/price of the PSM land provided to NIP. The board was of the view that during the last two years prices of land had sharply increased and NIP had sold out land at Rs 18 million per acre in 2016-17; and presently it is selling land at some Rs 25 million per acre as compared to Rs 13 million in 2015.
The board also decided that entire amount generated from the sale of the land and inventory will be utilized for the payment of retirement benefits including gratuity and provident fund (PF) of former employees of the entity.
The Board also discussed the valuation report of land and infrastructure cost of some 158 acres of land leased out for 30 years to Port Qasim Authority for establishment of a coal stock yard and a loading station on the directives of the federal government.
The meeting was informed that as per valuator’s report, the PSM’s infrastructure cost on the land handed over to Port Qasim is Rs 150 million.
The board also discussed the officers’ promotions as several post are vacant due to retirement of senior employees. In this regard, it was decided that a decision on promotions will be made in the next meeting after estimating the financial impact. Accordingly, board’s HR committee was asked to estimate the financial impact of these promotions and present a report in the next board meeting.
The board also discussed the cases of M/s Sociedade-De-Fomento Industrial Private Limited (india) vs. M/s Pakistan Steel Mills Corporation, arbitration M/s Sesa Goa Ltd (India) vs. Pakistan Steel before International Court of Arbitration.
