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Pakistan Cabinet committee okays Pakistan Steel Mill restructuring-2018 China(Guangzhou)Int’l Metal &Metallurgy Exhibition-me
tal exhibition
3/21/2018 金属展-冶金展-钢铁展-steel expo-metal &metallurgy expo |
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Nation reported that Pakistan federal minister for Privatization Daniyal Aziz said that Cabinet Committee on Privatization has approved a thirty year concession transaction structure for the restructuring of Pakistan Steel Mills. According to the structure plan, PSM''s land will remain with the government while the plant and machinery will be leased, invested and then transferred back to government for a maximum period of 30 years, while no asset of PSMC will be sold.
The major task before leasing the mills is to settle the liabilities through viable plan and for that various meetings with SSGC, NBP had taken place with promising outcome.
The purpose behind this exercise is to isolate the mills from these encumbrances and hand it to the third party on lease.
Each employee will be paid every penny in accordance with his preference.
Regarding PSM, Mr Aziz said it is not an easy task as privatisation faced many challenges. He further told that the CCoP approved a thirty-year concession transaction structure proposed by the financial advisers for the restructuring of Pakistan Steel Mills.
The proposed structure includes a tripartite concession agreement between the government, PSMC and the investor for a period of 30 years on the basis of revenue sharing.
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