ISLAMABAD, Dec 24 (APP):The Cabinet Committee on Privatization (CCoP) here on Thursday approved the Transaction Structure for Pakistan Steel Mills Corporation (PSMC).
Federal Minister for Finance and Revenue Dr Abdul Hafeez Shaikh chaired the meeting of the Cabinet Committee on Privatization (CCoP), according to a Finance Ministry press release.
The approval was given on the recommendation of the committee chaired by the Minister for Privatization.
The approved structure for Pakistan Steel Mills would allow for “transfer of identified core operating assets into wholly owned subsidiary of PSMC through Scheme of Arrangement (as provided in the Companies Act 2017) followed by sale of majority shares of the newly formed subsidiary, without transferring full ownership to strategic private sector partner”.
Minister for Industries and Production Hammad Azhar, Minister for Maritime Affairs Ali Haider Zaidi, SAPM on Petroleum Nadeem Babar, Minister for Privatization Mohammad Mian Soomro, Adviser to the PM on Commerce Abdul Razak Dawood, Minister for Energy Omar Ayub, SAPM on Power Tabish Gauhar and other senior officials of the ministries of Finance, Industries & Production and Privatization Commission participated in the meeting.