Transaction structure yet to be finalised
RECORDER REPORT
ISLAMABAD: The Privatisation Division has yet to finalise transaction structure of the Pakistan Steel Mills (PSM) despite having eight consecutive transaction committee meetings of the revival plan.
On Wednesday, the division stated there had been eight consecutive transaction committee meetings of the PSM since last week, to discuss and finalise the transaction structure of the PSM, and was likely to be agreed upon soon.
An important meeting about the privatization of entities in active list is called under the chairmanship of Federal Minister/Chairman Privatization Mohammedmian Soomro here on Wednesday.
Federal secretary privatization, DGs, transaction managers, financial advisors and others attended the important meeting.
The federal minister sought the progress in the privatisation of various PSEs.
The matter relating to the two power plants of the National Power Parks Management Company Ltd (NPPMCL) were discussed. The minister was told that the project document of the said transaction is in its final stages, and likely to be completed soon.
The minister directed the concerned that all the legal and administrative issues related to the privatisation of these power plants be completed without further ado.
He further said that after the lifting of travel ban by the travel advisory in August the subject transaction would be finally executed. The transaction structures of the First Women Bank Limited, the Jinnah Convention Center, the SME Bank, and Services International Hotel would be finalized in the first week of July 2020. The federal minister directed that the work on the PSEs included in the active privatisation list should be completed on priority basis.
He also directed that the opinion of the PC board members should also be sought, wherever needed to avoid delay.
The federal minister reiterated, “We are committed to strengthening our economy according to the vision of the prime minister, in the best interest of Pakistan and its people.”
The next review meeting will be held within a week.
