Offer for Javedan Cement same as PC reference price

It is a coincidence that the Privatisation Commission (PC) has received the same offer for Javedan Cement Limited (JCL) as was approved by the Cabinet Committee on Privatisation (CCoP), headed by the Prime Minister Shaukat Aziz, it is learnt. 

Documents made available to this scribe showed that M/s Riaz Ahmad & Co, Chartered Accountants, had worked out Rs 68 per share under asset valuation method and the government had to receive Rs 3.668bn through sale of 96.34 percent shares. 

The PC Board, however, in its meeting on August 31, while considering the reference price of JCL, suggested that the valuation of the lease-hold land should be increased from the current Rs 2.4m to Rs 3.2m per acre to make it rational in the context of boom in the real estate, the sources added. 

According to these sources, the Commission recommended a reference price of Rs 80 per share (Rs 4.315bn) for 96.34 per cent shares which was approved by the CCoP on September 1.