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Twelve parties took part in the bidding process for the sale of assets of
Bolan Textile Mills Machinery (BTM) held under the auspices of Privatisation
Commission chaired by Dr. Abdul Hafeez Shaikh Federal Minister for
Privatisation & Investment here today.
During the first sealed bid opening round, the authorized representatives of
the bidders dropped their bids in the bid box, which were later opened and
read by the representatives of the print and electronic media.
Among twelve parties three emerged as the top three, which included Sadaf
Enterprises with an offer of Rs. 72.5 million, SAF & Company Rs. 70 .7 million
and Nawaz Khan Trading Co offered Rs. 69 .6 million. In the second open
bidding round all the three top bidders were asked to improve their bids to an
acceptable level with a multiple of Rs. 0.5 million to the highest offer of Rs.
72.5 million as the floor price.
The second round 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 match the minimum price of Rs. 141.705 million. The Secretary
Privatisation Commission informed the audience that some of the machinery and
the land of the Mill has been given to Government of Baluchistan for an IT
University while remaining machinery was in junk position. The results of the
bidding will be placed before the Board of Privatisation Commission for their
recommendations for the CCOP.
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.