The government has invited applications from those interested in buying shares of Pakistan Steel Mills.
The Privatization Commission will receive applications for expression of interest by September 30 and will also hand over management powers to investors who buy 51 to 74 per cent shares of the Pakistan Steel Mills.
The advertisement issued by the Privatization Commission of Pakistan also gives details of the qualifications for those who submit applications for Expressions of Interest.
The SECP is ensuring transparency in the transactions. All the assets of Pakistan Steel Mills will be transferred to a new company, Steel Corporation Pvt.
Pakistan Steel Mill has long been in financial crisis. Production completely shut down since 2015. The previous government had also expressed its intention to privatize the company but the PML-N government did not manage to make much headway.
As soon as the new PTI government was formed, options for the rehabilitation of the Steel Mills were considered under which 5,000 employees have been laid off so far to reduce its deficit.
Some employees formed a Pakistan Steel Mill Stakeholders Group which has written to Federal Minister for Privatization Mian Muhammad Soomro and other officials expressing certain concerns. The group’s convener, Mamriz Khan, told SAMAA Money that the government had announced the restoration of Pakistan Steel Mills through a board of directors but instead decided to sell it. “Yes, PTI used to talk about corruption and recovery from those who looted people’s money, then why are those who looted the institution not being held accountable?” he asked. He felt that if a board of directors were formed, the steel mills could be saved.
from SAMAA https://ift.tt/3Bv1jNz
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