ISLAMABAD, Oct 31: The Standing Committee on Privatisation and Investment was briefed on Tuesday about the units to be sold in near future and the criteria to be adopted by the Privatisation Commission (PC) to privatise the Pakistan Steel in the light of the Supreme Court’s judgment.

Privatisation and Investment Minister Zahid Hamid informed the committee that 12 units/state entities were on the privatisation list and formalities for the purpose had been completed.

The process of privatisation will enter the final phase keeping in view the market conditions.

The committee, which met under the chairmanship of MNA Asghar Ali Shah, directed the ministry to ensure transparency in the process and take effective measures to safeguard the interests of the employees of the units involved.

The minister said the Supreme Court in its judgment had directed the PC to follow the Initial Public Offering before making the ‘strategic deal’ on the Pakistan Steel Mills Corporation.

The ministry would ask the PSM board to initiate the IPO process to comply with the requirement of the Securities and Exchange Commission of Pakistan’s laws for listing on the Karachi Stock Exchange.

The committee asked the PC to ensure that directions of the Supreme Court were followed in letter and in spirit.

It appreciated the privatisation of the PTCL terming it an excellent deal and noted that the policy and procedure adopted for the purpose were transparent.

The minister said that road shows being organised to attract foreign investment were receiving an overwhelming response.

The committee recommended that local investors should also be encouraged.