ISLAMABAD: Minister for Privatisation Muhammadmian Soomro on Wednesday said the government was moving towards revival of Pakistan Steel Mills (PSM) in a transparent manner.

He was speaking at the weekly ministerial meeting chaired by Minister for Finance, Industries and Production Hammad Azhar. It was unanimously agreed that the work for the revival of PSM and resolution of related issues should be expedited.

The current status and progress besides probable timeline for the completion of the PSM transaction were discussed during the meeting. A new subsidiary will be formed that will run the steel mills.

The inter-ministerial meeting discussed the new subsidiary, carving out of key operating assets and core land including verification and fair market valuation of the plant and machinery, stock-in-trade, bifurcation and certification of key operating assets, completion of audit of financial statements for the period up to Dec 31, 2020.

Among other matters discussed by the committee were renewal and transfer of utility connections to the new subsidiary and settlement of outstanding dues of Sui Southern Gas Company, restructuring and settlement of bank liabilities and obtaining no objection certificates from lenders.

Published in Dawn, April 15th, 2021