Islamabad, February 6, 2017: A news item published on February 6, 2017 in Business Recorder, stated that Pakistan Steel Mill (PSM) was presented before the Cabinet Committee on Privatisation (CCoP) in its previous meeting but could not sail through due to insufficient information on the liabilities.

The Privatisation Commission (PC) would like clarify that no matter related to PSM was on the agenda of the last CCoP meeting held on 27th January, 2017, and thus no discussion took place on the subject. It is therefore incorrect to state that that PSM matter was presented and deliberated on.

Additionally, PC would like to clarify that the PC Board, in their last meeting held on 17th January 2017, decided to deliberate on a proposed 30 year lease plan for PSM as one of the options for the PSM transaction structure. The information on the proposed plan is being worked out, and a proposal would be placed for the consideration of the CCoP in due course of time.

The Privatisation Commission would like to assure that it is fully devoted to make PSM functional as soon as possible in order to reduce the fiscal burden on the government resources and 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.