The Privatization Commission had received highest
offers during an open bidding for these units in April this year, of
Rs94.054 million for 1,939,276 shares at Rs48.50 per share from Star
Cotton Corp (Pvt) Ltd and Rs27.584 million for 270,435 shares at Rs102
per share from Madina Enterprises, making a total of Rs121.639 million
for both the units.
According to a Privatization Commission announcement,
the sell-off of these closed units would provide job opportunities and
generate taxes for the government, after their re-opening by the
successful bidders. The government has so far revived 145 units.
These units were transferred to the successful
bidders free from liabilities pertaining to the government of Pakistan
loans, amounts due to Ghee Corporation of Pakistan (GCP) and existing
liabilities of the CBR, after approval from the PC Board and the Cabinet
Committee on Privatization (CCoP).
Eight parties submitted EoIs for E.M. Oil Mills and
Industries Limited, while four parties expressed their interest for
Maqbool Company Limited. E.M. Oil Mills is an unlisted public limited
company, 100 per cent owned by the GCP. The unit is located at a leased
plot No. E-3 Estate Avenue, SITE, Karachi, measuring 4.22 acres. The
lease will expire in 2052. The unit has an annual capacity of 32,000
tons. The factory possesses all necessary infrastructure facilities.
Maqbool Company Limited is a public listed company
quoted on the Karachi Stock Exchange. The GCP holds 61.8 per cent, while
the rest are held by general public and other institutions. The unit is
located at plot No. D-5 South Avenue, SITE, Manghopir road, Karachi,
measuring 3.36 acres, leased for 99 years to be expired in 2050. The
unit has an annual capacity of 12,500 tonnes. It is also equipped with
all necessary infrastructure facilities.
US STUDIES PAKISTAN, SAUDI N-TIES: REPORT
US officials are looking at the reports that senior
Saudi officials have discussed the prospect of nuclear weapons
cooperation with Pakistan, says a report published on a State
The report, published by the department's strategic
journal called the "US Foreign Policy Agenda," said although
Saudi Arabia does not have nuclear weapons, it is showing interest in
the technology. Saudi Arabia does not have weapons of mass
destruction," says the author, a former Pentagon official Anthony
Cordesman. "It did, however, buy long-range CSS-2 ballistic
missiles from China. Very senior Saudi officials have held conversations
with officials involved in the Pakistani nuclear programme, and possibly
with similar officials in other countries."
NBP APPLIES FOR EXCHANGE COMPANY
State-run National Bank on Wednesday applied for
setting up foreign exchange company by the name of NBP exchange company
— that would be a wholly owned subsidiary of the bank.
An NBP press release said the bank was setting up
this subsidiary with an authorized capital of Rs2 billion. The release
did not disclose the size of the paid up capital but an official said it
would be Rs300 million.
PAKISTAN, IRAN TO EXPLORE DEFENCE COOPERATION
A high-level military delegation from Iran will be
here next week to explore areas of defence cooperation with Pakistan.
Informed defence and diplomatic sources told on
Thursday that the delegation headed by Iran's deputy defence minister
would arrive on Monday. The Iranian officials will discuss with their
Pakistani counterparts defence capabilities of both the countries to see
how they could benefit from their respective expertise in the area.
BESTWAY RAISES BID
The privatization of United Bank Limited (UBL) took
new turn on Thursday as the second highest bidder Abu Dhabi and Bestway
Holdings Group offered to raise its bid beyond its latest written offer
of Rs12.3 billion.
Official sources said that the second highest bidder
was desperately seeking to have 51 per cent shares of the UBL along with
the transfer of management, although the first highest bidder — MCB
Group — has substantially raised its bid from Rs8.5 billion to Rs12
billion against the reference price of Rs11.8 billion.
EOIS FOR LC&FL SHARES INVITED
The Privatization Commission here on Thursday gave a
final call to more interested parties to submit their expressions of
interest (EoIs) for the acquisition of a minimum 75 per cent share of
Lyallpur Chemical & Fertilizers Limited (LC&FL).
The company was established by Pakistan Industrial
Development Corporation (PIDC) in 1954.
WAPDA ISSUES FIRST FUEL OIL TENDER
Pakistan's state utility, Water and Power Development
Authority (Wapda), has issued a tender to import high sulphur fuel oil (HSFO)
for August and September delivery, a company official said on Monday.
The tender, Wapda's first, will close on Friday and
comes two years after import restrictions were lifted by the government.
The tender seeks two 55,000-ton cargoes of 3.5 per
cent sulphur, 170-centistoke fuel oil for delivery into Port Qasim, one
each in August and September on a cost and freight basis, the official