Javedan Cement sale agreement signed

Javedan Cement sale agreement signed
Published: 24 August 2006

The Pakistan Privatisation Commission on Wednesday signed a share purchase agreement (SPA) with Haji Ghani Usman & Group for transfer of Javedan Cement Limited (JCL) management after one year of bidding. The bidding for JCL was held in September 2005 and Haji Ghani Usman & Group had paid to the government Rs 1.156 billion as first instalment of the transaction. However, the transfer of management was stayed by Sindh High Court on the request of Dadhabhoy Cement. The Court vacated the stay order after completing the hearing in the case.

The general secretary JCL of CBA Union expressed confidence over the new management, calling it as pro-worker due to its track record in Thatta Cement, and hoped that it would not only pay the dues of the workers but would also absorb 80 percent of the present workforce.