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Dr. Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment
handed over the sale agreement of Thatta Cement Company Limited (TCCL) to the representative of
Al-Abbas Group of Companies, the successful bidder here today. The respective parties signed the agreement.
The bidding for TCCL was held on November 5, 2003. Al-Abbas Group made a total payment of Rs.793. 75 million for 100 %
(79774500) shares at the rate of Rs. 9.95 per share, of State Cement Corporation of Pakistan's
shareholding in TCCL and also paid loan against the company worth Rs.248.5 million.
The buyer also paid his share of Rs. 80 million for Golden Hand Shake of the workers. The transaction is, therefore, worth
Rs. 1.12 billion.
Addressing on this occasion, the Minister said that TCCL having potential would prove to be a good transaction for the
area and would add value to the overall economy of the country. It was the policy of the government to
accelerate the pace of privatisation activity, which would also benefit common man, he
said.
Dr. Abdul Hafeez Shaikh acknowledged the efforts and the support of Ministry of Industries and State Cement Corporation,
which made the transaction a success.
Mr. Arif Habib of Al-Abbas Group while appreciating the smooth and transparent process by Privatisation Commission
expressed that the Group would increase the existing production capacity of the unit and would add
fresh investment for this purpose.
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.