ISLAMABAD: Privatisation Minister Muhammed­mian Soomro on Monday launched a series of roadshows to attract foreign investors for the revival of Pakistan Steel Mills (PSM).

Speaking at the opening ceremony, Mr Soomro said it was very encouraging that investors from various countries had shown interest in the mills. “The best possible investors will be shortlisted through a transparent process as the Privatisation Commission is providing maximum information to the interested investors,” he added.

The roadshows will continue till Sept 21.

Pakistan Steel Mills revival is one of the key objectives of the government’s privatisation plan as the mills has been not in a functional mode since 2015. The government planned to bring foreign and domestic investors for the revival of largest industrial corporation of Pakistan.

According to the approved transaction features approved by CCoP the identified core operating assets would be transferred to the new subsidiary owned by PSMC named Steel Corporation (Pvt) Ltd.

The government has invited expressions of interest from the prospective investors to acquire at least 51pc, or up to 74pc, issued share capital of Steel Corp together with management control. The last date of submission of EoI is Sept 30.

Published in Dawn, September 14th, 2021

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