The Sindh government, at long last, is making some movement regarding the privatisation of Pakistan Steel Mills, but it has made it clear that it would not take the decision to acquire the mill without going through the details of its assets and balance sheet.
Provincial Minister for Finance and Energy Syed Murad Ali Shah, while responding to the letter of Privatisation Commission of Pakistan Chairman Mohammad Zubair which he had addressed to Sindh Chief Minister Syed Qaim Ali Shah, categorically said that the Sindh government had never approached the federal government for acquiring the strategic asset of Pakistan Steel Mills.
Murad Ali Shah further said in his letter to the privatisation commission chairman dispatched on Monday that the offer made by the Privatisation Commission could not be considered in the absence of adequate information. He requested the federal government to help the Sindh government in making a fair decision by providing necessary information of the mills’ assets.
The PSM’s necessary information as requested by the Sindh minister for finance and energy includes a balance sheet and financial statement for the last five years, detailed list of assets of the mills and any transaction structure developed by federal government for PSM’s privatisation highlighting the government of Pakistan’s commitment to make the transaction viable for the buyer. Any strategy paper revealing in detail the nature of intervention the federal government intends to carry out for making this deal acceptable for the buyer; any tax policy which envisaged to make the revival of the PSM attractive for the buyer and any plan for revival of operation of PSM, was also requested in the letter.
Shah also drew the attention of the federal government towards the Supreme Court of Pakistan’s Constitution and Civil petitions wherein the Supreme Court had observed that it would be in order if the matter (privatisation of PSM) is referred to the council of Common interests for consideration.
He also urged the federal government to share the information with the Sindh government if it had taken the matter to CCI, and whether the Council had taken a decision in this regard.
