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The second round of open bidding for Thatta Cement Company Ltd will be held
on November 5, 2003 (Wednesday) at 1030 hrs at Privatisation Commission's
auditorium Islamabad among the parties who have not withdrawn their earnest
money. Cabinet Committee on Privatisation (CCOP) has directed Privatisation
Commission to hold this round of bidding with Rs. 9.05 per share as floor
price, providing a level playing field to all the eligible players.
Earlier, open Bidding for TCCL was held on August 28, 2003 and Four parties
who submitted earnest money worth Rs. 50 million each took part in the open
bidding process for acquiring the minimum of 90 % State Cement Corporation of
Pakistan's shareholding (71,797,050 shares) in Thatta Cement Company Limited.
These included Al-Abbas Group of Companies, Karachi, Bestway Cement Limited,
Islamabad, Haji Saifullah & Group, Islamabad and Star Cotton Corporation (Pvt)
Ltd, Karachi. The highest bid/ offer received Rs. 6. 70 per share was offered
by Haji Saifullah, while the offer of Rs. 6.60 given by Al-Abbas Group of
Companies got the second position and Star Cotton Corporation remained third
with an offer of Rs. 6.30 per share. However, PC had asked the highest bidder
to raise their bid to Rs. 9 per share within a period of three days failing
which Al-Abbas Group, the second highest bidder matched the required price as
per laid down procedure. PC had received seven Expression of Interest from
interested parties for the purchase of minimum of 90 % shares of Thatta Cement
Company Limited (TCCL) on 'as is where is' basis. The first bidding for TCCL
was held on September 7, 2002 but the successful bidder defaulted and failed
to deposit the bid amount as per sale schedule.
PC had received seven Expression of Interest from interested parties for the
purchase of minimum of 90 % shares of Thatta Cement Company Limited (TCCL) on
'as is where is' basis. Privatisation Commission (PC) had invited Expression
of Interest from prospective investors, business houses in May 2003.
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
Resisting 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).