pandemonium-again-for-pakistans-privatisation-programme

Pandemonium again for PakistanÆs privatisation programme

Pakistan's Supreme Court stops the privatisation of Pakistan Steel Mills raising questions on whether strategic investors will remain interested in the country's privatisation programme going forward.
In a landmark decision in Pakistan on Friday a nine member bench of the Supreme Court stopped the privatisation of Pakistan Steel Mills. The stated reason was that the privatisation was not in compliance with the countryÆs constitutional interests. The Supreme Court also raised concerns with regard to the bidding process and the valuations agreed to for the assets on sale.

The steel mill - which is the countryÆs only integrated steel manufacturing plant and its largest steel producer - had been awarded to a Russian-led consortium made up of Magnitogorsk Iron and Steel Works of Russia the Saudi Arabia based Al-Tuwairqi Group and a Pakistani firm. The consortium bid $362 million for a 75%...
¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222