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The Privatisation Commission Board met under the chairmanship of Dr. Abdul
Hafeez Shaikh here today.
Addressing the meeting Dr. Abdul Hafeez Shaikh Federal Minister for
Privatisation & Investment said that the privatisation process was
contributing towards generating new investments, job opportunities and
revenues as the private sector was making expansions in the privatised
entities for increase in production.
The Minister said that the privatisation process would continue as per
schedule in most transparent manner and up to the satisfaction of all the
stakeholders. Significant development has been noticed during the recently
conducted privatisation process, which has attracted a large number of local
and foreign investors, he added.
The highest offers received for Javedan and Mustehkam Cement companies were
acknowledged and endorsed by the Board of Privatisation Commission.
PC 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 while highest offer of Rs.305 per share making a
total of Rs.3. 204 billion was given by Bestway Cement Ltd for the sale of
85.29 % shares (10,507,934 shares) of Mustehkam Cement Limited (MCL).
The PC Board also reviewed the bidding results for the sale of assets of Bolan
Textile Mills Machinery (BTM), which got offers of Rs. 110 million from Sadaf
Enterprises. The Board recommended to the CCOP to reject the offer for not
being within the acceptable range and to hold re-bidding of the transaction.
The Board formed Pre-Qualification Committees for Pakistan Steel Mills
Corporation and Pak American Fertilizers Limited. The matter pertaining to the
pre-qualification process of prospective bidders for the privatisation of
Pakistan Petroleum Limited was also reviewed.
The meeting also reviewed the implementation status of various ongoing and
upcoming transactions. PC Board members, representatives of respective
Ministries /departments and PC officials attended the meeting.