June 15, 2003	Sunday	Rabi-us-Sani 14, 1424

ISLAMABAD, June 14: Seven parties have submitted their expressions of interest (EoIs) with the Privatization Commission for the purchase of 90 per cent shares of Thatta Cement Company (TCCL) on ‘as is where is’ basis.

The Privatization Commission had invited EoIs from prospective investors, business houses in May. The bidding for the TCCL is likely to be held in July this year, says a statement issued by the PC here on Saturday.

The parties who have submitted their EoIs are: Afzal and Company, Kohat Cement, Shirazi Investments Limited, Thatta Employees Management Groups, Tariq Saigol and Associates, United Bank Limited and Universal Navigation and Trading Limited.

Thatta Cement Company Ltd was incorporated in 1980 as a limited company under Companies Ordinance 1913 (now companies Ordinance 1984) and is a wholly owned subsidiary of the State Cement Corporation of Pakistan (Pvt) Limited (SCCP).

The unit is located at 115-km in the North East of Karachi at Makli Ghulamullah Road, District Thatta.

The plant is based on dry technology and has a capacity of 1,000 tons per day production. The entire plant and machinery was imported from Mitsubishi Corporation Japan while the slag- grinding mill has been supplied by HMC.

The plant started commercial production in December 1982 and is fully operative. Its main products include Ordinary Portland Cement, Slag Cement and Sulphate Resisting Cement while Lime Stone, Clay/Shale, Iron Ore, Gypsum and Slag are the inputs/raw material.

The unit is located on 236 acres consisting of factory, officer and workers colonies complete with all facilities along with 4725 acres of mining lease land (Quarry).

The first bidding for TCCL was earlier held on September 7, 2002 and Privatisation Commission received a highest offer of Rs696.431 million at the rate of Rs10 per share for the sale of 71.79 million shares i.e. 90 per cent shares of TCCL on ‘as is where is’ basis, including Rs383 million loan liabilities and 50 per cent of GHS/VHS to be paid to the employees by the buyers which was around Rs45m making the total above Rs1 billion.

The Cabinet Committee on Privatization (CCoP) in its meeting held on September 23, 2002 had approved the bid received for TCCL but the successful bidder defaulted and failed to deposit the bid amount as per sale schedule.