Thatta Cement sale approved

Thatta Cement sale approved
Published: 11 November 2003

A meeting of Privatisation Commission Board has recommended the highest bid received for the sale of 90 per cent shares of Thatta Cement Company Limited (TCCL) for approval of Cabinet Committee on Privatisation (CCOP), which is scheduled to meet shortly. andnbsp;The PC Board was informed that for the sale of 90+ shares of SCCP in Thatta Cement Company Limited (TCCL), three parties who had submitted earnest money worth Rs.50m each and which had taken part in the open bidding process held earlier on August 28, 2003 were allowed to take part in the next round of the bidding under CCOP`s instructions with Rs. 9.05 per share as base price for acquiring the minimum of 90+; State Cement Corporation of Pakistan`s shareholding (71,797,050 shares) in Thatta Cement Company Limited on `as is where is` basis. andnbsp;Employees andamp; Management Group of Thatta Cement Company was allowed by the Sindh High Court to participate in the bidding in accordance with the rules and regulations but they failed to deposit the required earnest money and could not take part in the bidding. PC Board recommended the highest bid offered by Star Cotton Corporation of Rs. 10.85 per share as acceptable for approval of the CCOP.