In response to various media reports indicating that PSM would be privatised in three months and also that its land is estimated at Rs 7 million per acre, the Privatisation Commission (PC) would like to clarify the following:

1. The PC would like to clarify that currently the Transaction Structure is being formalized by the Financial Advisors for this transaction. Hence, the impression of its privatisation in 03 months is wrong.

2. With regard to the issue of land valuator, PC had hired the services of M/s Iqbal. A. Nanjee (IAN), an approved valuator of the State Bank of Pakistan, for conducting the valuation of the PSM assets. The report submitted by M/s IAN clearly reflects that the value of PSM land ranges from Rs 13 million/acre for undeveloped land to a maximum of Rs 30 million/acre for fully developed land. Hence, the value of Rs 7 million/acre is factually incorrect.

3. The Privatisation Commission would like to assure that it is fully devoted to make PSM functional as soon as possible in order to minimize the hardships being faced by its employees. Furthermore, PC has always ensured that the full fair value is received for all assets in every transaction.