CCOP considers transaction structure of PSM, Fesco

ISLAMABAD: The Cabinet Committee on Privatization (CCoP) considered the transaction structures for both Pakistan Steel Mills (PSMC) and Faisalabad Electric Supply Company (FESCO).
At its meeting chaired by Finance Minister Ishaq Dar Friday, the CCoP decided that as the Sindh government had expressed interest to acquire the Steel Mills, the provincial government may be offered to acquire the PSMC with all its assets and liabilities, according to a statement issued by ministry of finance.
The Fesco transaction structure was presented to the CCoP a few weeks earlier. The CCoP after considering the recommendation of the Privatization Commission had set up a broad-based committee consisting of representatives of different ministries and departments to examine in detail the proposal related to valuation of assets. The said committee submitted its findings and recommendations to the CCOP.
After reviewing the recommendations and other details of the transaction structure presented by the Privatization Commission, the CCoP approved the transaction structure for Fesco which includes 74 percent equity sale. Information Minister Pervaiz Rashid, Petroleum and Natural Resources Minister Shahid Khaqan Abbasi, Special Assisstant to PM on Law Ashtar Ausaf Ali, Minister of State for Privatization, Miftah Ismail, Special Assisstant to PM on Economic Affairs Barrister Zafarullah and senior officials of various ministries attended the meeting.