A consultative meeting helds on privatization of PSM and HEC at Ministry of I&P

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Khalid Sibtain

Islamabad: Seeking to allay the issues pertaining to complete privatization of PSM & HEC, Federal Minister for Industries and Production Makhdum Khusro Bakhtyar and Federal Minister for Privatisation Mohammed Mian Soomro held a consultative meeting today at Ministry of Industries and Production. In the meeting, Federal Secretary of Industries & Privatisation and the representatives of the HEC and Financial Advisors were present.
The meeting was briefed on privatization status of two PSEs ie Pakistan Steel Mill Cooperation (PSMC) and Heavy Electrical Complex (HEC).
It was noted that privatization process of HEC is near to completion. It’s pre-bid conference was held at Privatization Commission and bidding process is scheduled to be held on 12th January 2022.
The meeting was informed that pre-qualification bidding process of PSM under progress. The major focus was on the availability of utility connections to the newly formed subsidiary of PSMC, which is mandatory for seeking approval for scheme of arrangement (SoA). The matter has been taken up with utility companies & NEPRA for issuance of NOCs, so that, the process of privatisation/revival of PSM could be completed without hindrance in stipulated time.
While chairing the meeting, the Minister Khusro Bakhtyar remarked that the main objective of privatization of under-utilised public sector entities was to monetise their assets by enhancing investment opportunity . He said that space would be filled by the private sector which would bring investment and best global practices with them. He added that private sector would also bring modern technology, a change in the management mindset which would create more efficient jobs thus increasing the efficiency of the system.
The Federal Minister Mohammed Mian Soomro said that privatization is an integral part of our economic development agenda. He reiterated that privatization of under-utilised PSEs would be completed in transparent and efficient manner in line with global practices.