ISLAMABAD, July 20: The Privatization Commission (PC) on Wednesday initiated the formal process for sell-off of Pakistan Steel Mills Corporation (PSMC). A meeting held at PSMC Bin Qasim, Karachi with Secretary Privatization Tahsin Khan Iqbal in the chair, reviewed the transaction structure and other steps regarding the sell-off of Pakistan Steel and decided to ensure the timely completion of the transaction by December 31 this year.

PSMC Chairman Lt. Gen. (Retd) Abdul Qayyum and senior officials of the PC also attended the meeting, according to a press release issued here.

The financial adviser Citigroup Global Markets Limited of UK for Pakistan Steel gave a briefing about the plant including brief history, operational efficiency and detailed balance sheet.

The financial adviser along with the secretary Privatization Commission and PSMC chairman had a bird’s eye view of the plant and other facilities.

The government has decided to privatize Pakistan Steel by offering 51 to 74 per cent equity stakes with management control to a strategic investor through a transparent and competitive process.

It is in line with the government’s endeavour to promote the development and modernization of the steel sector through liberalization, deregulation and private sector participation.

Pakistan Steel is a wholly state-owned company located 40 km south east of Karachi at Bin Qasim. It commenced commercial operations in various phases from 1981 through 1985.—APP