Islamabad, September 21, 2023 (PPI-OT): The Federal Minister for Privatisation, Mr. Fawad Hassan Fawad, received a briefing from the Financial Advisor appointed by the Privatisation Commission in 2020 to oversee the Pakistan Steel Mills transaction. The meeting was attended by the Secretary of the Privatisation Commission, as well as other senior officers and Consultants from the Commission.

During the meeting, the Financial Advisor’s team provided a comprehensive overview, including details from their due diligence report, the transaction’s structure, the proposed scheme to create a new entity called Steep Corp, the status of pre-qualified interested parties, and the major challenges impeding progress in the transaction. It was emphasized that the successful completion of this transaction depended on resolving issues among various stakeholders and maintaining the interest of pre-qualified bidders.

The Minister highlighted the importance of stakeholders working together to resolve these issues and move the transaction forward. He also instructed the consortium of Financial Advisors to develop a clear action plan with achievable timelines. He reaffirmed the Privatisation Commission’s commitment to its mission of facilitating efficient and transparent privatization of state-owned entities.

For more information, contact:

Privatisation Commission

5-A EAC Building Constitution Avenue,

Islamabad- Pakistan

Tel: +9251 920 5146 -47

Fax: +9251 920 3076

Email: info@privatisation.gov.pk