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Seventeen parties have expressed their interest for taking part in the
privatisation process of Pakistan Steel Mills Corporation (PSMC). It was
informed in a meeting, which was held under the chairmanship of Dr. Abdul
Hafeez Shaikh Federal Minister for Privatisation & Investment here today.
Addressing on this occasion Dr. Abdul Hafeez Shaikh appealed to the business
community to come forward and give a helping hand to the earthquake victims.
He said that the whole nation must join hands setting aside all differences to
ensure timely support in the disturbed areas with a spirit of unity and
harmony for the rehabilitation of our brethren and for the reconstruction of
the effected areas.
The Minister said that he was confident about the fund raising for the
President and the Prime Minister's Earthquake Relief Funds, which would
attract substantial funding within domestic as well as from Overseas
Pakistanis as the people of Pakistan have always displayed unity in an
effective manner during such moments of test in the past. The meeting also
offered 'fateha' for the departed souls and prayed for the speedy recovery of
the injured ones.
The meeting was informed that the 17 investors from Kingdom of Saudi Arabia,
Russia, Ukraine, Kuwait, Switzerland, Czechoslovakia, Pakistan and other parts
of the world have submitted their Expression of Interest for acquiring 51-74%
equity stake in Pakistan Steel Mills Corporation (Pvt.) Ltd. ("PSMC" or the
"Company"), together with management control, on an 'as is, where is' basis.
The parties include 1. Aljomaih Holding Company, 2. Al-Tuwairqi Group of
Companies, 3. Aqeel Karim Dehdhi Securities (Pvt) Ltd, 4. Arif Habib
Securities Ltd, 5. Glencore International AG, 6. Government of Ras Al Khaimah,
7. Hassan Associates (Pvt) Ltd, 8. International Industries Ltd, 9.
International Mineral Resources AG, 10. Jahangir Siddiqui Group Associates,
11. Magnitogorsk Iron and Steel Works, 12. Nishat Mills Limited, 13. Noor
Financial Investment Company, 14. Pacific Chartering & Trading (Pvt) Ltd, 15.
Privilege of Sekyra Group, 16. Shanghai Baosteel Group Corporation and 17.
System Capital Management. A consortium led by Citigroup Global Markets
Limited is advising the PC on the sale. The Minster directed the concerned
officals to immediately dispatch Request for Statement of Qualification
(RSOQ) to the interested parties to get their quick response.
The meeting also reviewed the progress of the privatisation process of PPL,
KESC, Pak American Fertilizers and other upcoming entities of the
privatisation program. Mr. M. Tahsin Khan Iqbal Secretary Ministry of
Privatisation & Investment and senior officials of Privatisation Commission
attended the meeting.