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Islamabad: The Cabinet Committee on Privatization (CCoP) approved the issuance of the Scheme of Arrangement (SOA) by the Privatization Commission for restoration of Pakistan Steel Mills (PSM), according to media reports.

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The CCoP meeting was chaired by Finance Minister Shaukat Tarin and was attended by Minister for Privatization Mohammad Mian Soomro, SECP Chairman, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr Ishrat Hussain, Minister for Industries and Production Khusro Bakhtyar, federal secretaries, and concerned senior officials.

The CCoP ordered the PC to speed up the process of soliciting Expression of Interest and ensure the process is completed as quickly as possible. After the approval from CCoP, SOA will be filed with the Securities and Exchange Commission of Pakistan (SECP).

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Moreover, Finance Minister Shaukat Tarin praised the efforts of all concerned departments and ministries for their contribution towards restoration of PSM.

It is pertinent to mention here that the transaction structure was approved last year in December. The subsidiary was created to shift the identified assets and sale of majority shares without transferring the ownership.

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