November 5, 2003	Wednesday	Ramazan 9, 1424

ISLAMABAD, Nov 4: The second round of open bidding for Thatta Cement Company Limited among the parties who have not withdrawn their earnest money will be held here on Wednesday at the Privatization Commission’s auditorium.

According to a handout, the Cabinet Committee on Privatization (CCoP) had directed the Privatization Commission to hold this round of bidding with Rs9.05 per share as floor price, providing a level-playing field to all the eligible players.

Earlier, open bidding for TCCL was held on August 28, and four parties who submitted earnest money worth Rs50m each, took part in the open bidding process for acquiring the minimum of 90pc State Cement Corporation of Pakistan’s share holding (71,797.050 shares) in Thatta Cement.

The parties included Al-Abbas Group of Companies, Karachi; Bestway Cement Limited, Islamabad; Haji Saifullah & Group, Islamabad; and Star Cotton Corporation (Pvt), Karachi. The highest bid offer received Rs6.70 per share was offered by Haji Saifullah, while the offer of Rs6.60 given by Al-Abbas Group of Companies got the second position and Star Cotton Corporation remained third with an offer of Rs6.30 per share.

The PC had asked the highest bidder to raise their bid to Rs9 per share within a period of three days failing which Al-Abbas Group, the second highest bidder would be asked to match the required price as per laid down procedure.