The Privatisation Commission (PC) failed to sale scrap of Bolan Textile Mills Machinery due to non-matching acceptable price of Rs 14.17 million, determined by the Cabinet Committee on Privatisation (CCoP).
Federal Minister for Privatisation and Investment Dr Abdul Hafeez Sheikh commenced the bidding process and all the twelve entrepreneurs representatives dropped sealed offers in the box.
The parties competed for Bolan Textile Mills Machinery include Muhammad Nadeem and Company offered Rs 6,86,00,000, Abdul Hameed Khan offered Rs 4,50,00,000, AN Enterprises offered Rs 5,80,00,000, Abdul Sattar Noor Muhammad and Company offered Rs 6,95,00,000, Choice Enterprises offered Rs 6,35,00,000, Hammad Enterprises offered Rs 6,00,00,000, Kohsar Enterprises offered Rs 4,25,00,000, Nawaz Khan Trading Company offered Rs 6,96,00,000, SAF and Company offered Rs 7,7,00,000, Sadaf Enterprises offered Rs 7,25,00,000, SA Enterprises offered Rs 3,5,025,000 and Tanvir Trading Company offered Rs 5,10,00,000 to take over the charge of machinery remaining.
In the second round of open bidding, the bidders were asked to raise the offer over and above the highest offer of Sadaf Enterprises to make it acceptable to government.
Sadaf Enterprises gave the highest bid of Rs 1.1 million. The Privatisation Commission however, declined to accept because this price was not according to the floor price.
However, the minister gave a hope to the representative of Sadaf Enterprises that this highest bidding would be forward to CcoP for further consideration.
Later talking to the newsmen, Sadaf Enterprises representative Mohammad Umar Memon disclosed about huge overhead expenses which stopped him to meet the matching price, he said, adding that the mill's defunct machinery including spinning, processing and weaving units have become in to rusty scrap.