ISLAMABAD, Feb 21: Prime Minister Shaukat Aziz on Tuesday directed officials of the Privatization Commission (PC) to hold the bidding for disinvesting Pakistan Steel Mills Corporation (PSMC) on March 10.

Official sources said that the prime minister chaired a high-level meeting in which privatization of the steel mills was discussed with special reference to ending the ongoing tension in the employees over the issue.

Privatization and Investment Minister Dr Abdul Hafeez Shaikh would give up the cabinet post on March 11, 2006 and that was why a decision was taken to disinvest steel mills along with 4,500 acres of land on March 10.

The meeting was also attended by Pakistan Steel Mills Chairman Lt-Gen (retired) Abdul Qayyum and the secretary of the ministry of industries and production.

Dr Shaikh assured the meeting that bidding would take place on March 10 as all issues relating to the transaction had been discussed and sorted out.

The meeting reviewed the preparation of the steel mills deal and was told that all the five pre-qualified bidders were waiting to take part in the transaction which was delayed first on Dec 30, 2005 and later on Jan 31.

The Pakistan’s Steel Employees Action Committee had previously turned down various proposals of the PC to disinvest the organization. Most of the proposals were relating to the golden handshake scheme (GHS).

President Gen Pervez Musharraf had earlier directed the PC to expedite the disinvestment process as the issue was causing unrest among potential bidders as well as employees and officers of the organization.

He had asked the officials concerned to complete the transaction as was given to understand to the five pre-qualified bidders and the public at large.