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Wednesday October 27, 2021

EOIs, SOQs submission deadlines for PSMC extended

October 14, 2021

ISLAMABAD: The government on Wednesday extended deadlines for submission of Expression of Interests (EoIs) and Statement of Qualification (SoQs) for handing over up to 74 percent stake in Pakistan Steel Mill Corporation (PSMC) to private investors, a statement said.

The decision was taken at a privatisation progress review meeting chaired by Mohammedmian Soomro, minister for Privatisation. The last dates for submission of EoIs has been fixed at October 15 and SoQs for October 29. The privatization ministry would hold a meeting with minister for Industries and Production soon to discuss the Scheme of Arrangement (SOA) that has been already submitted to the Securities and Exchange Commission of Pakistan. They would also discuss the other corporate actions required for the transaction.

Minister Soomro said the government is earnestly working for the revival of the PSMC, "through the induction of capital and technology, thus bringing the entity to operate at its full production capacity". "It is encouraging to witness that the renowned international investors with global repute have shown their interest in this investment opportunity."

Officials said the ministry of Privatisation is receiving EOIs from the potential investors and also arranged a roadshow with potential national and international investors recently.

The minister said privatisation is a major part of current government’s economic reforms agenda, and urged all concerned to expedite the resolution of issues which might hinder the timely completion of these transactions.

He informed the participants that the focus through privatisation is multi-pronged; it is not only profit- incentive but also to bring more efficiency in various public sector entities, reduce losses and create employment, debt reduction and poverty alleviation.

The minister was also briefed on the progress regarding various PSEs to be privatized in the current fiscal year, and which have also been made part of the Performance Agreement of the division.

The entities that were discussed in the meeting are included in the active privatisation list, and most of them are at advanced stages of privatisation. These entities include: SME Bank, House Building Finance Corporation (HBFCL), Convention Center and NPPMCL, etc. Final bids (and response) are linked to market conditions.