Waheed Mahmood
KARACHI: Government has started considering to handover the operations of the Pakistan Steels Mill to Chinese or Russian investors to further the privatisation policy.
According to a private TV channel, a dispatch had been sent to Chief Executive of Pakistan Steel Mills mentioning that in a meeting with President Zardari and PM Gilani it has been decided to handover the administration to Chinese or Russian investors.
Selling of 10 to 20 per cent shares is also included in the plan of privatisation. Recommendations in this regard have also been sought from the current administration.
It has also been learnt that Pakistan Steel Mills was included in the list of companies presented in the road show held in London on 10th December for the privatisation purposes.
Currently, Pakistan Steel is working in loss and facing Rs48 billion deficit and also has to payback Rs50 billion in debt services. When Federal Minister for Privatisation, Senator Waqar Ahmed Khan was contacted in this regard, he told Online that privatisation of Pakistan Steel Mill shares will be commenced as per the international market standards. Purpose of privatisation is to increase the production as well as to create more employment opportunities, he added. As per the Federal Minister, Russian investors are interested to buy its shares therefore they will be take part in the process of privatisation. -Online
Selling of 10 to 20 per cent shares is also included in the plan of privatisation. Recommendations in this regard have also been sought from the current administration.
It has also been learnt that Pakistan Steel Mills was included in the list of companies presented in the road show held in London on 10th December for the privatisation purposes.
Currently, Pakistan Steel is working in loss and facing Rs48 billion deficit and also has to payback Rs50 billion in debt services. When Federal Minister for Privatisation, Senator Waqar Ahmed Khan was contacted in this regard, he told Online that privatisation of Pakistan Steel Mill shares will be commenced as per the international market standards. Purpose of privatisation is to increase the production as well as to create more employment opportunities, he added. As per the Federal Minister, Russian investors are interested to buy its shares therefore they will be take part in the process of privatisation. -Online
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