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We are heading forward with the slogan of
'Privatisation for the People' by divesting shares of Public sector entities
and bringing life to dead units like Kohinoor Oil Mills, AC Rohri, Hyatt
Regency, Thatta Cement and Falatti's Hotel to generate new job
opportunities. Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation &
Investment stated this while addressing the sale agreement signing ceremony
here today. The successful bidder of Kohi Noor Oil Mills (KOML) had
deposited the bid amount of Rs. 80. 715 million within the stipulated
timeframe. sale The highest offer was received in an open bidding held under
the auspices of Privatisation Commission on May 4, 2004. Five parties who
deposited earnest money participated in the open bidding for the privatisation
of Kohinoor Oil Mills Limited (KOML) through the sale of upto 60.41 % shares
(3,16,530 shares) on 'as is where is' basis.
The Minister said that the Privatisation for the People program was pro-poor
and pro-employees. He further stated that the initial and provisional results
of the Initial Public Offering (IPO) of Pakistan Petroleum Limited (PPL)
have revealed that the issue has been oversubscribed, which will benefit over
200,5000 small Pakistani investors, which would raise the market
capitalization to US $ 1.25 billion, currently at US $ 26 billion and it would
further broaden the base of ownership, strengthen and deepen the Stock Market.
A decision would be taken in the nest few weeks about the privatisation
of PTCL, he said.
He added that FDI was continuously increasing during the past consecutive
two year, which was currently 20 % above than the previous year at US $ 950
million for the year ending June 2004, which would continue to increase in the
coming days.
Referring to the Government's offer for the sale of 60.41 % (3,16,530)
shares of KOML the Minister informed that Five parties who became eligible
for participating in the bidding after submitting earnest money included
Petrosin Engineering Pvt Ltd, Islamabad, Canal Associates, Lahore, Mr. Iqbal
Khan of Bara Ghee Mills, Bara, Kohinoor Sugar Group, Lahore, Kohisar
Enterprises, Karachi. Mr. Iqbal Khan was declared highest bidder who offered
Rs. 255/- per share i.e. Rs. 80. 715 million for the offered shares. Kohinoor
Sugar Group Lahore remained second with an offer of Rs. 215/= per share
(Rs.79. 132 million) while Kohisar Enterprises, Karachi gave a bid of Rs.215/-
per share (Rs. 68. 054) and stood third. The highest offer received for
Khoinoor Oil Mills shares was above the reference price. The successful bidder
has already expressed his determination to revive the unit, which had been
closed since 1997. The revival of the Unit would not only generate economic
activity but it would also provide employment opportunities to the people of
the area. Such units would accelerate the economic growth, he said.