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The Privatisation Commission received highest offer of Rs.80 per share
making a total of Rs.4. 315 billion for the sale of 96.34 % shares of Javedan
Cement Limited (JCL) from Haji Ghani Usman and Group during a bidding process
held under the chairmanship of Dr. Abdul Hafeez Shaikh Federal Minister for
Privatisation & Investment here today.
During the first round sealed bids were dropped in a transparent glass box by
the authorised representatives of four parties who became eligible for
participating in the bidding process after depositing Rs.75 million as earnest
money. The parties included 1. Al-Munaf Corporation, 2. Haji Ghani Usman And
Group, 3. Siddiqsons Denim Mills Limited and Valibhai Kamruddin (SIND) Pvt
Ltd. The bids were opened and read out by the senior journalists of print and
electronic media.
According to the first round results 1. Al-Munaf Corporation gave an offer of
Rs.33. 10 Per share making the total bid offer as Rs.1. 785 billion 2. Haji
Ghani Usman And Group offered Rs.25/- with a total offer of Rs.1. 348 billion
3. Siddiqsons Denim Mills Limited gave a bid of Rs.40/- with a total of Rs.2.
157 billion and Valibhai Kamruddin (SIND) Pvt Ltd gave offer of Rs.20/- per
share making the total offer as Rs.1. 078 billion.
During the second open bidding round the bidders were asked to improve the
highest offer of Rs.40 per share given by Siddiqsons Denim Mills Limited in
multiples of Rs.5/- per share. The second round made Al-Munaf improved their
offer to Rs.45/- per share, Siddiqsons Denim Mills Limited came on the top
with an offer of Rs.50/- per share. Later all the bidders in order of
seniority were asked to match the minimum acceptable price of Rs.80/- per
share. Haji Ghani Usman And Group equalled the bid making a total offer as
Rs.4. 315 billion. The ex-owner Valibhai Kamruddin (SIND) Pvt Ltd were given
the right to match the highest offer, which they voluntarily declined stating
that they cannot match the final offer. The bidding results are being
submitted before the High Court of Sindh on September 15, 2005.
Addressing on this occasion Dr. Abdul Hafeez Shaikh said that we could not
sell our national assets in haste and on throwaway price. He informed that the
offer received for Javedan Cement was within the acceptable area, which would
be placed in the upcoming meeting of the Board of Privatisation Commission for
its recommendations and then it would be placed before the Cabinet Committee
on Privatisation (CCOP) for its decision.
The Minister hoped that the bidding process of Javedan Cement Limited would
bring an efficient company into existence, which was good omen for the
industrialisation of Pakistan. The representatives of the bidders termed the
bidding process as the most transparent and according to their satisfaction.
The representative of Haji Ghani Usman And Group said that they would take
care of the workers and also install a power house of 100 MW.