The Cabinet Committee on Privatization (CCoP) in its meeting chaired by Finance Minister, Senator Mohammad Ishaq Dar on Friday, considered the transaction structures for both Pakistan Steel Mills (PSMC) and Faisalabad Electric Supply Company (FESCO).
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.
The FESCO transaction structure, it may be recalled 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% equity sale.
Federal Minister for Information, Pervaiz Rashid, Federal Minister for P&NR, Shahid Khaqan Abbasi, SAPM on Law, Ashtar Ausaf , Chairman Privatization Commission Mohammad Zubair, Chairman BOI, Miftah Ismail, SAPM on Economic Affairs, Barrister Zafarullah, Secretary Finance Dr. Waqar Masood Khan, Secretary Privatization Commission, Ahmed Nawaz Sukhera and other senior officials of various ministries attended the meeting.