ISLAMABAD: The Privatization Commission on Tuesday published Expression of Interest (EOI) for the revival of Pakistan Steels Mills (PSM) in order to make it an profit oriented organization.
According to a press release issued by the Privatization Commission, September 30 had been fixed the last date for the submission of EOI by the potential investors.
The local as well as foreign investors were invited for taking part in the revival program of Pakistan Steel Mills Corporation as the it was working for the revival of the mill under the directives of Prime Minister and decisions taken by the Federal Cabinet to transform the Pakistan Steels mill into an profit oriented enterprise.
It may be recalled here that a meeting of Privatization Commission Board, which was held during last week had discussed the agenda regarding the pre-qualification criteria of investors for Pakistan Steel Mills (PSM) revival and auction result of Services International Hotel (SIH).
The revival of PSM was one of the important objectives of privatization plan, as the mills was not working since 2015 hence the government planned to bring foreign and domestic investors for the revival of largest industrial corporation.
According to the approved transaction features approved by Cabinet Committee on Privatization (CCoP) the identified core operating assets would be transferred to the new subsidiary owned by PSM named Steel Corporation Private Limited and then the divestment of equity stakes of the subsidiary shall be 51-74% through bidding process.