The Cabinet Committee on Privatisation (CCoP) met to consider approval of the transaction structure for privatisation of PSM and remove hurdles to the sale of two multibillion-dollar power plants along with other privatisation transactions. As per the proposed transaction structure, PSM will sign a land lease agreement with the subsidiary for the sole purpose of steel manufacturing, according to the decision. The financial adviser, hired for the PSM transaction, has estimated the cost of revival and expansion at $1.4 billion, including $580.4 million in revival cost. Other decisionsThe CCoP approved the transaction structure for divestment of 96.6% shares in Heavy Electrical Complex (HEC). The CCoP approved the transaction structure for privatisation of House Building Finance Company Limited (HBFC).

Source: The Express Tribune November 17, 2020 04:30 UTC