ISLAMABAD, Aug 27: The Privatization Commission has finalized all arrangements to hold bidding for Thatta Cement Company Limited and Associated Cement (Rohri) on August 28 (Thursday) at the Commission’s auditorium here.

According to a handout issued here on Wednesday, Dr Abdul Hafeez Shaikh, the Privatization and Investment Minister, who is also chairman of the Privatization Commission, will preside over the bidding process along with the members of the PC Board.

The bidders for both the companies were given adequate time to conduct their own due diligence, which was followed by pre-bid meetings to address their questions and concerns and for better understanding of these transactions and the bidding process.

The Privatization Commission had received seven expressions of interest (EoIs) from the interested parties for the purchase of minimum of 90 per cent shares of Thatta Cement Company Ltd (TCCL) on ‘as is where is’ basis.

The Commission had also invited EoI from prospective buyers for the sale of the assets of Associated Cement (Rohri) Ltd, which has the production capacity of 270,000 tons per annum.

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

The plant is based on dry technology and has capacity of 1000 tons per day production. The plant started commercial production in December 1982 and is fully operative.

Associated Cement owns about 195.3 acres of purchased land (which includes some portion which are encroached). It also owns 24.45 acres of agriculture land located in the vicinity. The plant is located on an area of about 36 acres. Of the land under residential colony, 127 acres are well developed. All required infrastructure facilities are also available on the site.