Islamabad October 14, 2021: Investors Demand Assurance on Uninterrupted Provision of Gas and Electricity to Pakistan Steel Mill
Important meeting regarding the revival of Pakistan Steel Mills Corporation (PSMC) held under the chairmanship of Federal Minister for Privatization and Minister for Industries & Production Makhdoom Khusro Bakhtiar. Federal Secretary and other senior officials of the Ministry of Privatization and Industries were present. In the meeting both the ministries shared and discussed the progress made on part of both regarding revival of Pakistan Steel Mills, the process which is expected to be completed in the third quarter of current fiscal year.
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The roadshow with national and international investors regarding PSM concluded in the last month, which was quite encouraging as leading global investors expressed their interest to invest in PSM. The Ministry of Privatization in collaboration with Ministry of Industries and other stakeholders is actively pursuing the corporate actions required to be completed prior to the subject transaction. In this regard, this meeting was held to overview the progress made thus far.
The purpose for these corporate actions is to clear the subsidiary of all PSM liabilities and ensure uninterrupted provision of utility connections as well. It was briefed in the meeting that the interested parties have started submitting SOQs, and the last date is 29 October, 2021. The representative of the Ministry of Industries, regarding scheme of arrangement (SOA) with SECP, told that the same is under process and after the provision of requisite information along with updated financials of PSM (up to October,2021, duly approved by PSM Board) will be finalized by mid-November.
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Both the Ministries are following the matters regarding corporate actions which will be resolved soon. Federal Minister for Privatization said that after the settlement and resolution of payables and receivables matters the buyer side due diligence will commence.