A signing ceremony for sale of 75% stake of Pakistan Steel Mills Corporation is scheduled on Monday April 24, 2006 at 1445 HRS at Privatization Commission’s Conference Hall. Pakistan’s secretary of Privatization Commission Mr Shaikh Ikramullah will sign on behalf of the Government of Pakistan while the authorized representatives of Consortium of Magnitogorsk Iron & Steel Works, TuwairqiSteel Mills and Arif Habib Securities will sign on behalf of their respective groups.

Privatization Commission had received Rs.5.420 billion, 25 % of the total bid, on April 20, 2006 within the stipulated period of 20 days after the issuance of Letter of Acceptance, which was issued after the approval of the Cabinet Committee on Privatization on March 31, 2006. The remaining amount will be deposited within the 60 days after the issuance of LoA.