Weekly progress review meeting on PSMs held

ISLAMABAD:Federal Minister for Privatisation Mohammedmian Soomro and Minister for Industries and Production Khusro Bakhtiar on Friday co-chaired an inter-ministerial weekly progress review meeting on revival of Pakistan Steel Mills (PSM).

Privatisation Secretary Hasan Nasir Jamy, Industries Secretary Afzal Latif, Additional Secretary Industries and other senior officials of the ministries attended the meeting. PSM representatives and SSGC participated via video link.

In the meeting Ministry of Industries and Production and PSM briefed about the update on the present status of the corporate actions regarding certificate of incorporation of new subsidiary, lease agreement of Jetty and right of way between Port Qasim Authority and PSM.

The arrangement of utility connections for new subsidiary, issuance of no objection certificates from National Bank of Pakistan and SSGC and approval by the NEPRA for issuance of power generation license for new subsidiary were also discussed.

The federal ministers were told that the above said actions are required to be completed before publishing expression of interest for potential investors.

Mohammedmian Soomro said soon after fulfillment of necessary formalities and actions expression of interest for investors will be published for revival of the PSM.