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A spokesman of Privatisation Commission has said that the bidding for the
sale of 96.34 % shares of Javedan Cement Limited (JCL) will be held as per
schedule on September 14, 2005 (Wednesday) at Islamabad.
The spokesman has clarified that the Sindh High Court's order dated September
1, 2005 has not restrained the Privatisation Commission from holding the
bidding process, however, the Sindh High Court has restrained "finalisation"
of the deal. A pre-bid meeting was organised on September 3, 2005 to create
better understanding of the transaction and the bidding process and to respond
to the queries of the potential buyers. The status of various relevant legal
cases was also conveyed to the participants.
The Privatisation Commission has asked the potential bidders to deposit the
required earnest money latest by September 9, 2005 to become eligible to
participate in the bidding process.
The Privatisation Commission has once again taken serious note of the
mischievous reports by certain quarters who were spreading totally baseless
and wrong information regarding the bidding of the transaction for their
vested interest.