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The Privatisation Commission received the highest bid of Rs.156 million
from Rais Ahmed of Karachi here today during an open bidding round for the
sale on ‘as is where is’ basis of the assets including plant, machinery and
equipment of Lasbella Textile Mills (LTM), a project of Iran Pakistan
Industries (Pvt) Limited (IPI) situated at Uthal, District Lasbella,
Balouchistan.
Shaikh Ikramullah Secretary Privatisation Commission supervised the bidding
process and briefed the participants about the bidding process. He informed
that the Privatisation Commission had received 43 Expression of Interest for
this transaction out of which finally 16 parties reached to the bidding point.
During the first round 16 domestic parties dropped their sealed bids in the
bid box, which were later opened and read out by the representatives of the
print and electronic media.
According to the first round results Mr. Rais Ahmed of Karachi stood first
with an offer of Rs.128 million while Unique Trading Company offered Rs.75
million and remained second and Abdul Sattar Noor Mohd & Co were third with
Rs.72 million. The top three bidders entered in the second round of open
bidding and improved their bids with minimum increment of Rupees one million.
The final round received the highest bid of Rs.156 million from Mr. Rais
Ahmed. Unique Trading Company followed with Rs.155 million bid and Abdul
Sattar Noor Mohd & Co offered Rs.150 million respectively. The Privatisation
Commission Board will consider the highest bid received and will make
recommendations for approval of the Cabinet Committee on Privatisation (CCOP).
The participants termed the bidding process as fair and transparent. It is the
second transaction in the current financial year after the completion of Pak
American Fertilizer, which reached the bidding point.
The machinery is part of fully integrated units of 50,000 spindles and 1100
looms with complete dyeing and finishing facilities. The plant was set up in
1976 and it started production in January 1980 but was closed down in 1983.