The federal government has decided to wind-up the State Cement Corporation and transfer all its assets to the Pakistan Industrial Development Corporation (PIDC), a company official said.
He said a final announcement in this regard is expected within a month’s time. The official said the decision to wind-up State Cement Corporation, which was merged with the PIDC last month, was taken at a meeting of the ministry of industries and production held last week.
“It would take a month,” Abdul Bari, acting chairman PIDC and State Cement Corporation, told Daily Times on Thursday. “It has been principally decided and automatically after liquidation, all its assets would be transferred to PIDC.”
Established in 1972, State Cement currently owns two units Javedan Cement and Mustehkam Cement. The corporation possess over Rs 4 billion assets and currently employs around 100 people.
But the government has no plans to lay off the employed manpower of the corporation and has decided to transfer them to other departments of the industries ministry. “The employees would remain with the ministry,” said Mr Bari. “They would be transferred to the other departments or organisations.”
Similarly, he said the functions of the two production units of the corporation would also maintain status quo and the only change would be that of the parent organisation from the State Cement Corporation to PIDC. State Cement Corporation started production in the early 70s with 26 units across the country but all of them later became unprofitable.
The federal government believes that the winding-up of the corporation would help it to focus only on PIDC rather than dividing its attention in two separate corporations under the same ministry.