CCOP ‘Scheme of Arrangement’ for Revival Steel Mills in Pakistan
According to media sources, the Cabinet Committee on Privatization (CCoP) in Islamabad approved the issuing of the Scheme of Arrangement (SOA) by the Privatization Commission for the restoration of Pakistan Steel Mills (PSM).
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Finance Minister Shaukat Tarin presided over the CCoP meeting, which was attended by Minister for Privatization Mohammad Mian Soomro, SECP Chairman, Adviser to the Prime Minister on Institutional Reforms and Austerity Dr Ishrat Hussain, Minister for Industries and Production Khusro Bakhtyar, federal secretaries, and senior officials with vested interests.
The CCoP directed the PC to expedite the Expression of Interest solicitation process and ensure that it is finished as swiftly as feasible. The SOA will be submitted with the Securities and Exchange Commission of Pakistan after CCoP approval (SECP).
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In addition, Finance Minister Shaukat Tarin lauded the commitment of all key departments and ministries to the restoration of PSM.
It is important to note that the transaction structure was approved in December of last year. The subsidiary was established to facilitate the transfer of specified assets and the sale of the majority of shares without changing ownership.
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