The State Cement Corporation of Pakistan (SCCP) has transferred all its shares to the Pakistan Industrial Development Corporation (PIDC), it is learnt on Thursday. Transfer of the SCCP shares to the PIDC was authorised by co-chairman of both the entities after seeking approval from the SCCP board of directors. Board of directors of both the entities have also been merged. According to the SCCP officials, the decision was taken as per directives of Prime Minister Shaukat Aziz.
However the step has been taken in haste as permission of the Securities & Exchange Commission of Pakistan (SECP), mandatory for such transfers, was not sought.
They said that after transfer of shares, SCCP assets worth Rs 150 million were also transferred to the PIDC, adding that PIDC chairman Abdul Bari has taken the decision violating the rules.
However, when contacted, Abdul Bari denied allegations, saying there was no truth in claims that he executed shares transfer in violation of rules.