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The government's approved broad based privatisation program, which includes
Secondary Public Offerings of UBL, KAPCO and Initial Public Offering of HBL
and SLIC, 10 to 15 % GDR of OGDCL and simultaneous domestic public offering
and as per apex court orders to offer 10 % shares of Pakistan Steel Mills
Corporation, which is being reviewed, privatisation of PPL, PSO, SNGPL, SSGC,
FESCO, PESCO, Jamshoro Power Company, land of Services International Hotel,
Lyallpur Chemical & Fertilizers, Hazara Phosphate, HMC, HEC, PMTF, coal mines
and motels of PTDC will be processed with proper sequencing in future. Mr.
Zahid Hamid Federal Minister for Privatisation & Investment stated this while
chairing the signing of Share Purchase Agreement and handing over ceremony of
Javedan Cement Limited here today.
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 in
September last year.
The Minster hoped that the new management of the company would ensure
improvement in the operational performance of the company. Earlier, we have
completed the Pak American transaction and it was the second transaction
completed in the current financial year, he said and added that after getting
approval from the CCOP for the highest offer of Rs.156 million for the sale of
Lasbella Textile Machinery it would also be completed soon.
Mr. Zahid Hamid further state that during the past seven years an amount of
Rs.316 billion realized through the privatisation of 57 entities was the 85%
of the total amount realized for the past 15 years i.e. since the inception of
the privatisation activity in the country. The highest bidder had already
deposited the 25 % required amount of Rs.1.156 billion and on the receipt of
the remaining 75 % amount of Rs.3.161 billion the JCL stands transferred to
the new buyer after the Sindh High Court vacated the stay order obtained by
Dhadabhoy Cement.
The representative of the successful bidder Haji Ghani Usman and Group while
terming the whole process as the most transparent and according to their
satisfaction said that the Group has planned to take care of the efficient
workers by reappointing them and also to install a powerhouse of 100 MW. The
General Secretary of JCL CBA Union expressed his confidence over the new
management being pro-worker due to their track record in Thatta Cement on
behalf of the workers and hoped that the new management would not only pay the
dues of the workers but it would also absorb 80 % of the present workforce.
The Privatisation Commission (PC) had received 43 Expression of Interest (EOI)
from interested parties for the privatisation of Javedan Cement Limited (JCL)
on an "AS IS WHERE IS" basis through the sale of its 96.34% shares held by
State Cement Corporation of Pakistan (Pvt.) Ltd. (SCCP) the holding Company.
JCL is a public limited company listed on Karachi Stock Exchange since 1962
and registered under the Companies Ordinance 1913 (now Companies Ordinance
1984). JCL is located north of Karachi over an area of 1200 acres in the
Manghopir hills alongwith 3159 acres of Mining lease land (Quarry).
The Company started the production of cement in 1964 with 500 tonnes per day
capacity and currently the rated capacity of the plant is 600,000 tonnes per
annum. The plant is based on the latest technology of cement manufacturing
involving suspension pre-heater and short dry process kiln. Presently JCL has
three kilns including the first dry process plant installed in Pakistan in
1980.