As per the sources, Privatization Commission has hit a wall regarding privatization of up to 74 percent shares of Pakistan steel mills (PSM) as investors are worried about future lawsuits.
However, Privatization Minister Muhammad Mian Soomro, who met with investors in Karachi, assured that the entire process would be as transparent as possible and that all decisions will be reviewed and approved by the Cabinet Committee on Privatization (CCoP) and the Federal Cabinet.
Only a few investors interested in PSM have returned for further progress.
PSM shares will be represented on behalf of Steel Corp. (Pvt) where the property, plant and equipment and the corresponding fair market value (FMV) of the PSM will be transferred to a new subsidiary as specified in the PSM audited financial statements for the year ended 31 December 2020. The assets include a list of property, plant and equipment and prime land of 1,229 hectares as determined by the PSM.
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