Abacus appointed as Advisor for Privatization of Pak Steel Mills Corporation (Pvt.) Ltd

As strategic partners to the winning consortium of Financial Advisors led by Pak China Investment Company Limited and China Development Bank Securities, Abacus has been appointed to advise the Privatization Commission, Government of Pakistan on the restructuring and privatization of Pakistan Steel Mills Corporation. The transaction is to be completed in two phases. Abacus’ mandate in the first phase (Transaction Preparation) is to develop the privatization plan including recommendations on the appropriate restructuring plan, transaction structure and estimated timelines for completion of transaction. Abacus would also provide inputs on the financial model for PSM as well as on the transaction’s valuation in this phase. Furthermore, Abacus will develop a comprehensive market study on the steel sector within Pakistan as well as in the region at large, in addition to carrying out the HR due diligence and identification of manpower issues as well as the HR assessment of the company, and make recommendations on challenges and manpower rationalization. In the second phase (Implementation Phase), Abacus shall support Pak China Investment Company Limited in marketing the deal and provide transaction support services, including preparation of PIM/IM as well as conducting road shows and soft marketing to potential customers with the objective of showcasing PSMC as a viable investment opportunity.