ISLAMABAD: The 5th Privatisation Commission Board meeting of the current year was held Friday under the chairmanship of the Federal Minister and Chairman Privatisation, Mohammedmian Soomro.

Federal Secretary Privatisation, CEO Pakistan Steel Mills, representative from the Ministry of Industry and Production, PC Board members, and senior officers of the ministry attended the meeting.

The main agenda, which was discussed, related to the revival of the PSM, there were a few corporate actions, which were to be performed by the stakeholders including the Ministry of Industries and the Pakistan Steel Mills.

The matters leading to the filing of the scheme of arrangement with the SECP were discussed in the meeting, which included updated financial reports of the PSMC and its subsidiary, approval of the board for transferring the utility connections to the newly-formed subsidiary without encumbrances, approval for the retention of the new subsidiary either by the GoP or the PSMC and the desired size of divestment among others.

The federal minister stressed that we are resolving the pending matters in collaboration with the main stakeholders and the EoIs are likely to be invited very soon.

The PC Board also briefed about the updated decisions of the CCoP regarding the approval of revised reserved price of the Services International Hotel Lahore, the current status of the privatisation of Jinnah Convention Center was also discussed, and the prequalification of the interested parties is under way.

The board was informed that the EoIs for hiring of financial advisors for the sale of remaining federal government properties is already published.

Copyright Business Recorder, 2021