ISLAMABAD: Pakistan’s Privatization Commission (PC) Board on Thursday granted approval to the prequalified parties, mostly Chinese and Russian, for the revival of Pakistan Steel Mills Corporation (PSMC).

The mill is non-functional for the last more than six-and-a-half-years and has racked up tens of billions of rupees in losses and liabilities.

The Board met here with Federal Minister for Privatization, Mohammedmian Soomro in chair. The board deliberated upon the report regarding prequalification of potential investors for bringing Pakistan Steel Mills (PSM) back in production and profits.

Six parties had submitted statements of qualification before and a prequalification committee was formulated to scrutinize the prequalified parties.

The PC Board also gave its nod to the prequalified investors/parties. A virtual data room (VDR) would be opened for prequalified bidders for their due diligence for a period of 30 days, the meeting was told. The government is offering at least 51 percent or up to 74 percent shares capital of Pakistan Steel Mills Corporation together with management control through bidding process. Two Chinese firms—Pakistan-China Investment Company and Bank of China International Co Ltd—are the joint advisers for the transaction.