KARACHI, June 11: Pakistan Steel has taken over the possession of property and assets involving machinery, equipment and land of Spinning Machinery Company (SMC) in Lahore on Wednesday.

The asset and property of SMC, a unit of State Engineering Corporation, Ministry of Industries and Production, were mortgaged with National Development Finance Corporation (NDFC) and National Bank of Pakistan (NBP). Lahore High Court (LHC) had issued a decree in favour of the banks for the recovery of their outstanding amount of Rs1550.021 million.

During the sales proceedings, NBP received the highest offer of Rs155 million from a private party. However, Pakistan Steel placed its offer at Rs160 million, which was accepted by the bank and the court, says a press release. Pakistan Steel intends to revive the manufacturing capability of SMC at the earliest.