PSM land valuation discussed

ISLAMABAD: Matters relating to the Pakistan Steel Mills (PSM) including valuation of its land to be leased out to a strategic partner were discussed by Minister for Privatisation Muhammad mian Soomro and Minister for Industries and Production Hammad Azhar on Tuesday.

They discussed follow-up to the decision made by the Cabinet Committee on Privatisation which approved the transaction structure for PSM. The committee had approved the transfer of identified core operating assets into a wholly-owned subsidiary of PSM. Majority of the shares of the mills would be transferred to the strategic private sector partner without transferring full ownership.

Meanwhile, Soomro chaired a meeting at the Privatisation Commission to review progress on various public sector entities to be privatised and which have also been made part of the performance agreement of the ministries or divisions.

Soomro urged that privatisation matters relating to line ministries and divisions should be actively pursued and progress to that effect should be conveyed on daily basis.

He urged the officials to make all out efforts to resolve the related issues so that the targets could be achieved within the stipulated period.