Soomro stresses need to revive PSM

ISLAMABAD: Federal Minister for Privatisation Mohammed Mian Soomro here on Wednesday stressed the need to revive Pakistan Steel Mills Corporation which would help in boosting the national economy.

Chairing a meeting, which was held to review and discuss the progress so far made in the privatisation of Public Sector Enterprises (PSEs), the minister expressed his serious concerns regarding the delay in resolving the pending issues regarding PSM.

Minister for Privatisation directed for taking up the matters with Ministry of Industries in order to address the issues faced in reviving the PSM.

The meeting was also attended by attended by Federal Secretary and other senior officers of the ministry, says a press release.

The aim of the weekly meeting was to identify the bottlenecks in each transaction at every stage and there has been a considerable progress in 18 identified entities.

The meeting observed that recent pandemic situation, was affecting the investors’ interest and timely closure of the transactions. NPPMCL for instance is, one of the major transactions which were scheduled to be completed during current fiscal year is impacted by covid-19, and the pandemic situation is also hampering the visit from foreign investors interested in these entities.

The timeline for other transactions including SME Bank, First Women Bank Limited, Jinnah Convention Center, House Building Finance Corporation Limited, and Services International Hotel have also been extended further owing to the pandemic and resultant market conditions.

However, despite pandemic restrictions the other matters regarding the transactions are been meticulously taken up with line ministries and divisions, and most of the transactions have been at the advanced stages of completion.

Federal Minister was apprised about the status of various entities and issues thereof, to which he said that all the matters relating to the line ministries be taken up on priority.

It was emphasized that all transactions should be completed with the given legal framework.

The decision regarding the divestment of the shares of OGDCL and PPL would be finalized after the meeting of Cabinet Committee on Privatisation.