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Islamabad, September 7, 2002
Privatisation Commission received a highest offer of Rs. 696.431 million at
the rate of Rs. 9.70 per share for the sale of 71.79 million shares i.e. 90 %
shares of Thatta Cement Company Limited (TCCL) on 'as is where is' basis,
including Rs. 383 million loan liabilities and 50 % of GHS/VHS to be paid to
the employees by the buyer which is around Rs. 45 million. This makes the
total above Rupees one billion. Iqbal Alimohammad & Consortium gave the
highest offer in an open bidding held here today. Mr. Muhammad Afzal Khan,
Member PC Board who is also the Chairman OGDCL, supervised the bidding
process. The highest bidder has been asked to improve their bid within the
next three days for the consideration and recommendations of PC Board and
subsequent decision by the Cabinet Committee on Privatisation. 10 % shares
i.e. 7.79 million shares of the company will be offered to the employees and
in case they show no interest then the same will be offered to the highest
bidder on the bid rate, which will further raise the proceeds. The parties,
which took part in the bidding, were 1. Lucky Cement Limited, 2. Kohat Cement
Company Limited, 3. Iqbal Alimohammad & Consortium and 4. Vijaint Kumar Chawla,
Chawla International. Privatisation Commission (PC) had invited Expression of
Interest from prospective investors, business houses etc in July 2002.
A pre-bid conference was organized on September 4, 2002 (Wednesday) for
responding to the queries of the bidders and for a better understanding of the
process and the transaction. Thatta Cement Company Ltd was incorporated
in 1980 as a limited company under Companies Ordinance 1913 (now
Companies Ordinance 1984) and is a wholly owned subsidiary of the State Cement
Corporation of Pakistan (Pvt) Limited (SCCP). The Unit is located at 115 km in
the North East of Karachi at Makli Ghulamullah Road, District Thatta. The
plant is based on dry technology and has capacity of 1000 tonnes per day
production. The entire plant and machinery was imported from Mitsubishi
Corporation Japan while the slag-grinding mill has been supplied by HMC. The
plant started commercial production in December 1982 and is fully operative.
Its main products include Ordinary Portland Cement, Slag Cement and Sulphate
Resistant Cement while Lime Stone, Clay/Shale, Iron Ore, Gypsum and Slag are
the inputs/ raw material.The unit is located on 236 acres of land consisting
of factory, officer and workers colonies complete with all facilities
along with 4725 acres of mining lease land (Quarry).