Government of Pakistan
Privatization Commission

PC RECEIVES 17 EOIs FOR PAKISTAN STEEL MILLS-HAFEEZ APPEALS BUSINESS COMMUNITY TO HELP QUAKE VICTIMS

Islamabad, October 10, 2005

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.

Source: http://www.privatisation.gov.pk/Handout/HO-AR-05/Oct-05/Handout%20October%202005.htm