ISLAMABAD, Nov 17: Federal Minister for Privatization and Investment Dr Abdul Hafeez Shaikh appointed a committee while reviewing the privatization process of the Pakistan Steel Mills Corporation at a meeting with Federal Minister for Industries, Production and Special Initiative Jahangir Tareen here on Thursday.

According to a press release, the committee comprised representatives from the Privatization Commission, Ministry of Industries, Production and Initiatives and the Citigroup.

The committee will undertake a ground check of the area being considered for a core steel plant and ancillary facilities and recommend areas required for operation and expansion of the entity.

The meeting was briefed on the process of pre-qualification of parties which had submitted statements of qualification.

The Privatization Commission received 19 Expressions of Interest in response to its invitation to offer up to 75 per cent shareholding in the Pakistan Steel Mills. Of the 19 parties, 13 have submitted SoQs for the purposes of pre-qualifying and proceeding to the next stage of the privatization process.

The parties which have submitted SoQs are the Al-Tuwairqi Group of Companies, Saudi Arabia, with the Arif Habib Group of Companies, Pakistan, Magnitogorsk Iron and Steel Works, Russia, Noor Financial Investment Company, Kuwait, Shanghai BaoSteel Group Corporation, China, Investment and Development Office of Government of Ras Al-Khaimah, United Arab Emirates, International Mineral Resources, Switzerland, Aljomih Holding Company, Saudi Arabia, International Industries, Karachi, Hassan Associates (Pvt), Karachi, with Med-europe Commodities International, Privilege Developers (Pvt) with SEKYRA, Czechoslovakia, Aqeel Karim Dhedhi Securities (Pvt), Karachi, Nishat Mills, Lahore, and the System Capital Management, Ukraine.

The financial adviser, Citigroup Global Markets, has evaluated the SoQs in the light of the criteria set out in the SoQs document. His recommendations will be placed before the PC Board for approval.

During the meeting, the financial adviser also made a presentation on the subject and highlighted issues requiring resolution before offering the Pakistan Steel for bidding.