ISLAMABAD, Sept 24: The Privatization Commission Board on Saturday formed pre-qualification committees for Pakistan Steel Mills Corporation and Pak American Fertilizers Limited.

The committees were constituted in a PCB meeting held under the chairmanship of Privatization and Investment Minister Dr Abdul Hafeez Sheikh.

An official announcement said that the board also reviewed the bidding results for the sale of assets of Bolan Textile Mills Machinery, which got an offer of Rs110 million from Sadaf Enterprises. The board recommended to the Cabinet Committee on Privatization to reject the offer for not being within the acceptable range and hold re-bidding of the transaction.

The matter pertaining to the pre-qualification process of prospective bidders for the privatization of Pakistan Petroleum Limited was also reviewed.

Mr Sheikh said the privatization process was contributing towards generating new investments, job opportunities and revenues, as the private sector was making expansions in the privatized entities for increasing production.

He said that the privatization process would continue as per schedule in most transparent manner and up to the satisfaction of all stakeholders. “Significant development has been noticed during the recently conducted privatization process, which has attracted a large number of local and foreign investors,” he added.

The highest offers received for Javedan and Mustehkam Cement companies were acknowledged and endorsed by the board.

The Privatization Commission received the highest offer of Rs80 per share, making a total of Rs4.315 billion for the sale of 96.34 per cent shares of Javedan Cement Limited from Haji Ghani Usman and Group. Bestway Cement Ltd gave the highest offer of Rs305 per share, making a total of Rs3.204 billion for 85.29 per cent shares (10,507,934 shares) of Mustehkam Cement Limited.

The meeting also reviewed the implementation status of various ongoing and upcoming transactions.