PSMC Privatization – Consortium makes 25% payment for PSMC
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Friday, 21 Apr 2006
Pakistan’s Privatization Commission has received Rs.5.420 billion, 25% of the total bid for the 75% stake in Pakistan Steel Mills Corporation from Consortium of Magnitogorsk Iron & Steel Works of Russia, Tuwairqi Steel Mills of Saudi Arabia and Arif Habib Securities of Pakistan.
The consortium was required to deposit 25 % of the bid within 20 days after the issuance of LoA, which was issued after the approval of the Cabinet Committee on Privatization on March 31, 2006.
The remaining amount is to be deposited within the 60 days after the issuance of LoA.
