ISLAMABAD, Nov 1: The Privatization Commission (PC) on Saturday announced that the bidding for Thatta Cement Company Ltd (TCCL) would be held on Wednesday (Nov 5) at 10:30 am at its auditorium here.

According to a handout Cabinet Committee on Privatization (CCoP) has directed the 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 and to maximize the sale proceeds.

Earlier, open bidding for Thatta Cement was held on August 28, 2003 and four parties took part in the bidding process for acquiring a minimum of the 90 per cent State Cement Corporation of Pakistan‘s share holding in TCCL.

The four bidders were Al-Abbas Group of Companies, Karachi; Bestway Cement Company Limited, Islamabad; Haji Saifullah and Group, Islamabad; and Star Cotton Corporation (Pvt) Ltd, Karachi.

The highest offer received Rs6.70 per share was made by Haji Saifullah and Group, while the offer of Rs6.60 given by Al-Abbas Group of Companies and Star Cotton Corporation offered Rs6.30 per share.