ISLAMABAD, April 22: The signing ceremony of the sale of a 75 per cent strategic stake in the share capital of Pakistan Steel Mills Corporation will be held here on Monday.

The ceremony for the sale of PS 1.290 billion shares will be held at the Privatisation Commission’s conference hall, an official announcement said here.

The commission’s secretary Shaikh Ikramullah will sign the agreement on behalf of the government, while the authorised representatives of the consortium of Magnitogorsk Iron and Steel Works, Russia, Tuwairqi Steel Mills, Saudi Arabia and Arif Habib Securities will each sign on behalf of their groups.

The commission had received Rs5.420billion, ie, one-fourth of the total bid, on Thursday within the stipulated period of 20 days after the issuance of a Letter of Acceptance (LoA) approved by the Cabinet Committee on Privatisation (CCOP) on March 31.

The remaining bid money will be deposited with the commission within two months of the issuance of the LoA.

During the two rounds of bidding for the sale of PS shares, the highest offer of Rs16.80 per share, making a total of Rs21.680 billion ($362 million), was offered by the consortium of Magnitogorsk Iron and Steel Works, Tuwairqi Steel Mills and Arif Habib Securities.

The CCOP had authorised the Privatisation Commission to issue LoA to the successful bidder. The bidding determined the value of PS total assets to $482 million. Out of 19,000 acres of the steel mills’ land 14,500 acres worth about $800 million has been separated from the transaction, which would be used by the government for an appropriate project.