ISLAMABAD: The Privatisation Commission Board met Monday and discussed the allocation of 1,229 acres of land to be transferred to the new subsidiary of the Pakistan Steel Mills (PSMC) namely Steel Corp (Pvt) Ltd and bifurcation of key operating assets (KOA) and corresponding Fair Market Valuation (FMV) for proposed transfer of core assets to new subsidiary, as narrated in the Audited Financial Statement of the PSMC for the period ending Dec 31, 2020 including list of key operating assets.

The decision was taken after the PC Board scrutinised the documents provided by the Ministry of Industries and Production and the PSMC including (i) audited accounts up to December 31, 2020 duly approved by the PSMC Board and signed by the CEO and one nominated director; and (ii) itemized list of KOA along with corresponding FMV of each listed item to be transferred to the new subsidiary namely, Steel Corp (Pvt) Ltd, duly approved by the PSMC Board, signed and stamped by the CEO of the PSMC and initialed by the valuer and the PSMC auditor.

The PC Board further considered the proposals and after deliberations noted the PSMC Board's decision taken in its meeting held on 13th July2021 on the above issues and directed the Privatisation Commission to proceed further in the matter. The meeting went through the PSM's entire documents prepared on valuation and revaluation.

The PC Board was scheduled to meet earlier on Friday (July 16, 2021) but postponed it due to non-availability of all relevant documents to be presented for approval. The board meeting of the current year held virtually under the chairmanship of the Federal Minister and Chairman Privatisation, Mohammedmian Soomro. Federal Secretary Privatisation; CEO Pakistan Steel Mills, the PC Board members and senior officers of the ministry attended the subject meeting.

Copyright Business Recorder, 2021