ISLAMABAD, Aug 2 (KUNA) -- The Council of Common Interests (CCI) Wednesday approved in principle the sale of Pakistan Steel Mills (PSM) to a trio of Russian-Saudi-Pakistani investors that has been annulled by the Supreme Court of Pakistan.
The newly constituted CCI met here with Prime Minister Shaukat Aziz to discuss the privatization of PSM and other government units including banks. The CCI approved PSM privations in principle, said a handout issued at the conclusion of the meeting.
The CCI was set as a constitutional body to help overcome differences and promote harmony and coordination among the provinces.
The Supreme Court of Pakistan in June declared the USD 362 million transaction with the three-party consortium comprising the Al-Tuwairqi Group (Saudi Arab), Magnitogorsk Iron (Russia) and Steel and Arif Habib Securities of Pakistan on May 29 null and void.
The deal that was to grant 75 percent shares of PSM to the consortium, the court said, caused USD 0.3 billion loss to the government. The decision was largely hailed by the public and economists.
