Work in progress to privatise PSMC by April

ISLAMABAD – The government is working to complete the privatisation of loss making Pakistan Steel Mills Corporation (PSMC) by March/April next year as six parties have shown interest in it. The Privatisation Commission has noted that bidding of PSMC is expected in March-April next year. It said that out of eight, six interested parties/ investors have submitted statement of qualification. Federal Minister for Privatisation, Mohammedmian Soomro chaired a privatisation progress review meeting in the ministry. Federal Secretary Privatisation and other senior officials of the commission attended the meeting. The federal minister was briefed about the progress regarding ongoing privatisation programme including Jinnah Convention Centre (JCC), House Building Finance Corporation Limited (HBFCL), First Women Bank, Pakistan Steel Mills, Pak Re-insurance Corporation, NPPMCL and others. The entities that were discussed in the meeting are included in the active privatisation list, and most of them are at advanced stages of privatisation. It was briefed that the minutes of CDA board meeting regarding the status of JCC are awaited to move forward. For the sale of remaining Federal Government Properties, the FASA terms are being discussed with top-ranked IP. The issues related to the divestment of up to 20 percent shares of Pak Re-insurance (PRCL) are being taken up with the Ministry of Commerce and PRCL and Federal Minister for Privatisation will hold a meeting with Advisor to PM on Commerce, to discuss the matters related to the aforementioned divestment.