ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) on Thursday approved transaction structure for the Pakistan Steel Mills Corporation on Thursday.

The meeting of the CCoP, presided over by Minister for Finance and Revenue Dr Abdul Hafeez Shaikh, was presented recommendations of the Committee chaired by the Minister for Privatisation.

The approved structure for the Pakistan Steel Mills will allow for “Transfer of indentified core operating assets into wholly owned subsidiary of PSMC through Scheme of Arrangement (as provided in the Companies Act 2017) followed by sale of majority shares of the newly formed subsidiary, without transferring full ownership to strategic private sector partner”.

The meeting was attended by Minister for Industries and Production Hammad Azhar, Minister for Maritime Affairs Ali Haider Zaidi, SAPM on Petroleum Nadeem Babar, Minister for Privatization Mohammadmian Soomro, Adviser to the PM on Commerce Abdul Razak Dawood, Minister for Energy Omar Ayub, SAPM on Power Tabish Gauhar, and other senior officials of the ministries of Finance, Industries and Production, and the Privatisation Commission participated in the meeting.

Copyright Business Recorder, 2020