The Assets Sale Agreement (ASA) for plant, machinery and equipment of Lasbella Textile Mills (LTM) was signed here on Tuesday, says a press release. The Letter of Acceptance (LoA) was issued to Rais Ahmed on October 20, 2006.
The company has completed the payment of Rs 156 million. LTM is a project of Iran-Pakistan Industries (Pvt) Limited (IPI), situated at Uthal, District Lasbella, Balochistan.
The Privatisation Commission had received 43 Expressions of Interest for this transaction, out of which 16 parties reached the bidding point. The participants termed the bidding process as fair and transparent. It is the second transaction in the current financial year, after completion of Pak-American Fertiliser sell-off.
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 started production in January 1980 but was closed down in 1983.
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