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An Assets Sales Agreement of Bolan Textile Mills Machinery(BTM), which fetched
highest offer of Rs.128 million in an open bidding on October 1, 2005 from Mr.
Mohammad Umar Memon of Sadaf Enterprises, Karachi, was signed here today.
Mr. Umar Memon of Sadaf Enterprises, Mr. Sarosh Yousufi representing BTM and
Mr. M. Mansoor Zubair Director General on behalf of Privatisation Commission
signed the agreement.
The Letter of Acceptance (LOA) was issued on the day of final bidding round.
According to LOA the successful bidder was required to deposit 25% payment
within seven (7) days and balance 75% payment within forty-five (45) days from
the date of issue of LOA, however, the successful bidder deposited 100%
payment today the 22nd October 2005, which is twenty-three (23) days ahead of
payments schedule.
The CCOP had already authorized PC to approve the acceptable offer. The final
bidding round was held under the orders of Prime Minister Shaukat Aziz who
heads the CCOP.
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.
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.