Two consortiums have deposited earnest money ($30 million each) to bid for 51 percent shares in Pakistan Steel Mills Corporation (PSMC) on March 31.
These include the consortium of Al-Tawairqi Group of Companies of Saudi Arabia with Arif Habib Group of Companies and Industrial Union of Donbass (Ukraine) and the consortium comprising Al-Noor Financial Investment Company of Kuwait, Government of Ras Al-Khaimah (UAE) and Magnitogorsk Iron & Steel Works Open JSK (Russia).
These parties were short-listed by Privatisation Commission to reserve seat for bidding. However, with the exception of one group all others emerged into two consortiums.
Sources said that both consortiums have conveyed to the Privatisation Commission, in writing, about their formation, number of parties in each case and their shares. They said that the privatisation laws allow any group to join other group and form a consortium before formal opening of the floor for bidding.
The Privatisation Commission has fixed PSMC bidding for March 31.
An official of Privatisation Commission told Business Recorder Monday that PSMC sell-off plan was heading towards a logical conclusion. He said: "A team of prominent lawyers would defend PSMC sell-off before the SHC on Tuesday".
According to the official, prominent lawyer and constitutional expert Khalid Anwar would appear before the court on behalf of the government. His engagement for legal battle is indicative of the government's degree of seriousness in PSMC case.
However, all would depend on the outcome of Sindh High Court's (SHC) proceedings.
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