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The final bidding round for the sale of assets of Bolan Textile Mills
Machinery (BTM) fetched Rs.128 million, which is higher than the previous
offer of Rs.110 million. The final round was held to implement the decision of
the Cabinet Committee on Privatisation (CCOP) for inviting the top three
bidders to improve their bids to an acceptable level.
The final round held here today under the supervision of Mr. M. Tahsin Khan
Iqbal Secretary Privatisation Commission among the top three parties, which
included Sadaf Enterprises, SAF & Company and Nawaz Khan Trading Co. During
the open bidding round among the three top contenders M/s Sadaf Enterprises
won the bid by offering highest offer of Rs.128 million for the assets of
Bolan Textile Mills Machinery. M/s SAF & Company stood second with an offer of
Rs.127 million while M/s Nawaz Khan Trading Co remained lowest with Rs.113
million offer. The earnest money of all the three bidders was still with the
PC. All the three bidders appreciated the transparent process and expressed
their satisfaction in this regard.
Addressing on this occasion Mr. M. Tahsin Khan Iqbal Secretary Privatisation
Commission said that a Letter of Acceptance (LOA) would be issued to the
winning party M/s Sadaf Enterprises today and that the CCOP had already
authorized PC to approve the acceptable offer, which he disclosed was 90%
above than the minimum acceptable price of Rs.141. 705 million. The final
bidding round held under the orders of Prime Minister Shaukat Aziz who heads
the CCOP and who was very considerate to complete this transaction, he stated.
Mr. M. Tahsin Khan Iqbal further said that the entire machinery was not under
bid and no land or building was involved in this transaction. Some plants and
machinery, land and the building were handed over to the provincial government
for establishing Baluchistan University of Science & Technology and Management
Sciences, he informed. He added that though the reference price was valuated
two years back when the steel prices were higher and presently steel prices
were on lower side, however, we maintained that valuated price. It was not
total junk, some of its assets could be utilized, he said.
Earlier, elucidating the bidding process, Mr. Tahsin Khan Iqbal informed that
the first round of sealed bidding was held on September 15, 2005, which was
participated by twelve parties. It was followed by the second open round,
which got offers of Rs. 110 million from Sadaf Enterprises, Rs. 105 million
from SAF & Company and Rs. 89 million from Nawaz Khan Trading Co. Nobody could
then match the minimum price of Rs. 141.705 million. In the final round the
highest offer of Rs.110 million was the floor price to start the open bidding
in the presence of the print and electronic media.
Bolan Textile Mills is a project of Iran Pakistan Industries (Pvt) Ltd (IPI)
situated at Baleli (near Quetta Airport), District Quetta, Baluchistan. The
machinery of Bolan Textile Mills (Spinning, Weaving, Processing and
Auxiliaries) was offered on an "as is where is" basis through a competitive
process. The machinery is a part of fully integrated unit of 50,000 spindles,
1,100 looms with complete dyeing and finishing facilities of around 80,000
meters per day production capacity of variable widths ranging from 36" to 96".
The plant started production in January 1980 but was closed down in 1983.