ISLAMABAD, Oct 9: As part of a new comprehensive restructuring plan, the government on Wednesday appointed five private sector professionals to serve on the board of directors of Pakistan Steel Mills (PSM).

The new appointment of individuals, approved by Prime Minister Nawaz Sharif, are: Asad Ali Khan (chartered accountant); Jabbar Memon Shah (businessman); Muhammad Saad Hussein (human resource management professional); Suhail P. Hamid (corporate professional); and Ahmed Almas Aslam (banker).Secretary Industries and Production, Shafqat Naghmi is chairman of the board of directors whereas other three members already serving on the board are Wasif Mehmood, Chief Executive Officer of Pakistan Steel; Azra Mujtaba, Additional Secretary, Ministry of Finance; and Amjad Ali Khan, Secretary of Privatization Commission.

The government has informed the IMF that following the appointment of a professional board of directors, structuring of the steel mills will begin this month.

The restructuring will pave way for the partial privatisation of the steel mills.