ISLAMABAD: The Cabinet Committee on Privatization (CCoP), which met under the chairmanship of Finance Minister Ishaq Dar, has decided to restart the process of privatisation of Pakistan Steel Mills and power companies.
The Privatization Commission has been allowed to initiate process for listing of shares of qualified Discos on the stock exchange through Initial Public Offering (IPO), starting with FESCO, IESCO and Kot Addu Power Company Ltd (KAPCO).
The CCoP also discussed the proposal regarding restructuring of Pakistan International Airlines Corporation Limited (PIACL) and desired that its decision of 7th May 2016 may be fully implemented. The decision called for completing the corporatization process of PIACL and finalising the matter regarding separation of core and non-core business.
The CCoP held detailed deliberations on financial and administrative situation prevailing in the Pakistan Steel Mills (PSM). It was observed that despite massive efforts, there had been no serious engagement by the Sindh government on the offer made by the federal government to acquire the PSM.
The CCOP therefore allowed Privatization Commission to go ahead with the plan for divestment of PSM following due process. The Sindh government could not take decision on acquiring PSM in ten months.
