Proposal: First draft of PSM due diligence submitted

ISLAMABAD: Financial advisers, appointed for Pakistan Steel Mills (PSM), have submitted first draft of the due diligence report, which is subsequently being reviewed by the transaction committee.

According to a statement issued by the Ministry of Privatisation on Tuesday, first meeting in this regard was held on April 15 followed by a second review meeting on April 23.

“It is pertinent to mention that for the revival of PSM, potential partners are also being approached,” the statement said.

The privatisation of Heavy Electrical Complex (HEC) is also under way and the revised draft of due diligence was received on April 22. “This has pushed the timeline for all succeeding deliverables by a month,” it said. The impact of Covid-19 on transaction implementation is currently uncertain but transaction structure is to be formalised so that it can be launched for implementation swiftly post-Covid-19.

Published in The Express Tribune, April 29^th, 2020.

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