The Cabinet Committee on Privatisation (CCoP), chaired by Prime Minster Shaukat Aziz, approved here on Monday the highest bids received for Mustehkam Cement Ltd (MCL) and Javedan Cement Ltd (JCL).
The MCL, at a share price of Rs 305, would fetch Rs 3.20 billion, while JCL, at a share price of Rs 80, would bring to the public exchequer Rs 4.315 billion.
The CCOP also authorised Privatisation Commission to make an offer to the highest three bidders to raise their bids for Bolan Textile Mills (BTM) machinery to make it acceptable to the government for disposal of the equipment and machinery.
The PC had accepted the highest bid of Rs 305 per share for MCL made by Bestway Cement Limited.
However, in accordance with President's Order No 12 of 1978, the Commission on September 17, offered the ex-owner, Farooq Ahmed Sheikh, to match, by September 24, the highest bid of Rs 305 per share. The hearing of the case at Lahore High Court has been set for September 28.
The PC had recommended to the Board to approve the highest bid of Rs 305 per share (total bid Rs 3.204,919 billion) for 85.29 percent (10,507,934) shares of MCL. The LoA will be issued in the light of the response received from the ex-owner, Farooq Sheikh, or as per directions of the High Court.
In case of Javedan Cement Limited (JCL), the PC had also offered the ex-owner ie Valibhai Kamrudin (Sindh) Private Limited, who declined in writing to match the highest bid, after which Usman & Group was declared the successful bidder.
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