Pakistan Steel shares to be floated after clearance of losses

KARACHI (February 28 2004): Shares of Pakistan Steel (PS) will be floated in the stock market after the clearance of its accumulated losses.

Federal Industries and Production Minister Liaquat Jatoi has agreed with the management of the Pakistan Steel that while the scheme to float the corporation's shares in the stock market is very lucrative to attract public share equity, it would be more fruitful if the scheme was initiated after the clearance of its accumulated losses.

The consensus was developed during the visit of the minister to the Operations Building of Pakistan Steel here on Friday.

He assured the management that he would take up the issues of its outstanding liabilities like Rs 7.67 billion interest money and Rs 0.52 billion payment dispute with the House Building Finance Corporation (HBFC) with the Finance Ministry.

The minister termed the corporation an important national asset, making significant contribution to the GNP. While having a detailed run-through on the potential, present sale, profit, liabilities and proposed expansion plan of the corporation, he praised the corporation for crossing Rs 2 billion profit limit in the current year which according to him, was undoubtedly unprecedented performance in the history of Pakistan Steel.

He also desired to enhance the profit of the corporation up to Rs 3 billion in the next fiscal year and assured PS Chairman Lieutenant General Abdul Qayyum (Retd) of his full support to run this mega set-up without any external political and other interference.

Earlier, Lieutenant General Abdul Qayyum (Retd) briefed the minister on Quaidabad fly-over plan, which is being financed by the corporation.

Later, the minister took a round of the Arabian Sea Country Club where Pakistan Steel chairman briefed him about the facilities.

Lieutenant General Abdul Qayyum (Retd) termed the club a unique one in South Asia, which he said, could be a big attraction for foreign investors keen to set up downstream industries in the vicinity of Pakistan Steel.

He said the PS is offering large-sized commercial plots on nominal rates.

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