The News International reported that Pakistan Government has asked Sui Southern Gas Company to take up the issue of Pakistan Steel Mills multi-billion rupees of liabilities, utility connections, and issuance of NOC with its board to pave way for targeted to hold bidding of the majority stakes sale of the Pakistan Steel Mills Corporation in March-April 2022. Sui Southern Gas Company is asked to take up the matter in its board meeting and issue the requisite NOC so that the process of privatization of Pakistan Steel Mills could be completed without hindrance in stipulated time.The government had earlier submitted the Scheme of Arrangement of the PSM to the Securities & Exchange Commission of Pakistan and sought its approval on it. Securities & Exchange Commission of Pakistan has replied to the Privatization Commission to clear some of the pending issues, including clearance of liabilities, following which the regulator could approve the Scheme of Arrangement. Consequently, the issue was raised with major focus on the availability of utility connections to the newly formed subsidiary of Pakistan Steel Mills, its liabilities towards Sui Southern Gas Company and issuance of NOC from Sui Southern Gas Company, which is mandatory for seeking approval for Scheme of Arrangement from the Securities & Exchange Commission of Pakistan.Headquartered in Karachi in Sindh, Pakistan Steel Mills Corporation has a production capacity of 1.1 million tonnes of steel and iron foundries. Built with extensive contributions from the Soviet Union in the 1970s, it was among the largest industrial mega-corporation complexes in Pakistan,
The News International reported that Pakistan Government has asked Sui Southern Gas Company to take up the issue of Pakistan Steel Mills multi-billion rupees of liabilities, utility connections, and issuance of NOC with its board to pave way for targeted to hold bidding of the majority stakes sale of the Pakistan Steel Mills Corporation in March-April 2022. Sui Southern Gas Company is asked to take up the matter in its board meeting and issue the requisite NOC so that the process of privatization of Pakistan Steel Mills could be completed without hindrance in stipulated time.The government had earlier submitted the Scheme of Arrangement of the PSM to the Securities & Exchange Commission of Pakistan and sought its approval on it. Securities & Exchange Commission of Pakistan has replied to the Privatization Commission to clear some of the pending issues, including clearance of liabilities, following which the regulator could approve the Scheme of Arrangement. Consequently, the issue was raised with major focus on the availability of utility connections to the newly formed subsidiary of Pakistan Steel Mills, its liabilities towards Sui Southern Gas Company and issuance of NOC from Sui Southern Gas Company, which is mandatory for seeking approval for Scheme of Arrangement from the Securities & Exchange Commission of Pakistan.Headquartered in Karachi in Sindh, Pakistan Steel Mills Corporation has a production capacity of 1.1 million tonnes of steel and iron foundries. Built with extensive contributions from the Soviet Union in the 1970s, it was among the largest industrial mega-corporation complexes in Pakistan,