The Express Tribune reported that the revival of Pakistan Steel Mills has hit a snag as Sui Southern Gas Company is reluctant to give no-objection certificate for utility connection to the newly formed subsidiary Steel Corp (Pvt) Ltd as it wants PSM to allot its land against receivables on account of gas supply, while K-Electric gave its NOC to the Ministry of Industries, which forwarded it to the Privatization Commission for further processing. Major focus of the government is on availability of utility connections for the newly formed subsidiary of PSM, which is mandatory for seeking approval for SOA. The matter has been taken up with utility companies and National Electric Power Regulatory Authority for the issuance of NOCs to complete the process of privatization of PSM within the stipulated time period and without any hindrances.Earlier, the Cabinet Committee on Privatization directed the Ministry of Industries and Production to ensure completion of all corporate actions and regulatory requirements for the approval of Scheme of Arrangement for the efficient and successful completion of this important transaction. The cabinet body also directed the Privatization Commission to invite Expressions of Interest from interested parties for the revival of PSM, after the filing of SOA with the Securities and Exchange Commission of Pakistan.
The Express Tribune reported that the revival of Pakistan Steel Mills has hit a snag as Sui Southern Gas Company is reluctant to give no-objection certificate for utility connection to the newly formed subsidiary Steel Corp (Pvt) Ltd as it wants PSM to allot its land against receivables on account of gas supply, while K-Electric gave its NOC to the Ministry of Industries, which forwarded it to the Privatization Commission for further processing. Major focus of the government is on availability of utility connections for the newly formed subsidiary of PSM, which is mandatory for seeking approval for SOA. The matter has been taken up with utility companies and National Electric Power Regulatory Authority for the issuance of NOCs to complete the process of privatization of PSM within the stipulated time period and without any hindrances.Earlier, the Cabinet Committee on Privatization directed the Ministry of Industries and Production to ensure completion of all corporate actions and regulatory requirements for the approval of Scheme of Arrangement for the efficient and successful completion of this important transaction. The cabinet body also directed the Privatization Commission to invite Expressions of Interest from interested parties for the revival of PSM, after the filing of SOA with the Securities and Exchange Commission of Pakistan.
