ISLAMABAD, Nov 6: The successful bidder for 90 per cent shares of Thatta Cement Company Limited (TCCL) would be required to deposit 50 per cent of the bid value within seven days of the issuance of Letter of Acceptance (LOA), it was clarified by the Privatization Commission here on Thursday.

Referring to a news report regarding the bidding result for the sale of 90 per cent shares of TCCL appearing in a section of the Press, a PC spokesman said, the payment schedule stated in the report i.e. “.. the buyer will have to pay 5 per cent of the total bid value within a week of the issuance of Letter of Acceptance (LOA)..” is not correct due to some typing mistake.

The payment schedule was not only given in the bidding documents but it was amply explained to all the bidders before the commencement of the bidding for TCCL, the spokesman stated.—APP