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PC board approves transaction structure for PSM Takes first major step towards sale of country s largest industrial unit A man walks past machines at the hot strip mill department of the Pakistan Steel Mills (PSM) on the outskirts of Karachi, Pakistan. PHOTO: REUTERS ISLAMABAD: The board of Privatisation Commission (PC) on Monday approved the transaction structure for the privatisation of Pakistan Steel Mills (PSM), taking the first major step towards selling the country s largest industrial unit amid a patchy road ahead. The board recommended selling majority stakes in the range of 51% to 74% but left the final decision on the Cabinet Committee on Privatisation (CCOP). The financial advisors had presented two scenarios of selling either the majority stakes of up to 74% or selling 100% government shareholding. ....
PC defers decision on PSM deal Fails to approve transaction structure due to differences over classification of assets The board was informed that the new subsidiary, Steel Corp Private Limited, will have authorised capital of Rs150b and paid up capital of Rs1b. PHOTO: AFP ISLAMABAD: The Privatisation Commission (PC) board has deferred approval of transaction structure for the sale of Pakistan Steel Mills (PSM) owing to differences over classification of its core and non-core assets, which will be handed over to the new buyer. The board was handicapped to take a decision after it found that some of the operating assets had been described as non-core assets by the valuator, Joseph Lobo, a senior official of the privatisation ministry told The Express Tribune. ....