This Site is in Under Construction

Pakistan shortlists Chinese, Russian companies to run steel mill

Date:

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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

spot_img

Popular

More like this
Related

THE BUSINESS COMMUNITY’S AGENDA FOR ECONOMIC REFORMS IN PAKISTAN

Salutations Karachi Editors Club and Live Rostrum and guests.Prelude...

World’s biggest producer Indonesia faces palm-oil crisis

JAKARTA: In mid-march Izawati Dewi, a mother of one, began...

Iran slams new US sanctions amid nuke deal uncertainty

TEHRAN: The spokesperson for Iran's Foreign Ministry, Saeed Khatibzadeh, dismissed...