ISLAMABAD, Sep 21 (APP):Caretaker Minister for Privatization Fawad Hassan Fawad on Thursday reaffirmed the commitment to facilitate efficient and transparent privatization of state-owned entities in order to turn them profit making entities.
The minister was briefed by the Financial Advisor appointed by the Privatization Commission in 2020 to oversee the Pakistan Steel Mills transaction, said a press release.
The meeting was attended by the Secretary of the Privatization Commission, as well as other senior officers and consultants from the commission.
During the meeting, the Financial Advisor’s team provided a comprehensive overview, including details from their due diligence report, the transaction’s structure, the proposed scheme to create a new entity called Steep Corp, the status of pre-qualified interested parties, and the major challenges impeding progress in the transaction.
It was emphasized that the successful completion of this transaction depended on resolving issues among various stakeholders and maintaining the interest of pre-qualified bidders.
The minister highlighted the importance of stakeholders working together to resolve these issues and move the transaction forward.
He also instructed the consortium of Financial Advisors to develop a clear action plan with achievable timelines.