MCA reserves cement price-hike verdict

MCA reserves cement price-hike verdict
Published: 28 August 2007

The Monopoly Control Authority (MCA) reserved judgement in the cement price hike case after recording statements of the stakeholders.

The authority had summoned the chief executives of cement producing companies and stakeholders for the continued hearing into the case at MA camp office Karachi on August 21-22.

The authority recorded statements of Wali Bhai Patel, President Karachi Cement Dealers Action Committee (KCDAC), Javed Ali Khan Chief Executive Pioneer Cement Ltd, MA Jamil, Chief Executive Zeal Pak cement Factory Ltd, Muhammad Ali Tabba Chief Executive Lucky Cement ltd and Hafeez-ur-Rehman Butt President Association of Builders and Developers (ABAD).

After recording their statements, the authority reserved judgement in the case, which is expected to come by the end of current month.

The authority also heard cases of My Bank Ltd in the matter of undue concentration of economic power and heard arguments of Iqbal Ali Mohammed, Chairman My Bank Ltd, Muhammad Yousuf Adil, Managing Director and Abdul Rab, Director Yousuf Adil Saleem and Company.

After hearing their arguments, it was decided that authority shall pass appropriate order, directing the individual to reduce his share-holding and voting power to such an extent to bring it below 50 per cent.

The authority was also scheduled to hear the International Brands (Pvt) Limited case regarding undue concentration of economic power, however, no one from the company appeared for proceedings. The MCA later decided to hear the case on September 5 in Islamabad.