ISLAMABAD, Sept 5: The Privatization Commission (PC) will hold bidding for the sale of 96.34 per cent shares of Javedan Cement Limited (JCL) here on Sept 14.

The PC has also taken serious notice of the mischievous reports spread by certain quarters against the privatization process, stated an official announcement issued here on Monday.

It said that the privatization would be held on scheduled date and that the reports were being disseminated by some vested interests. A pre-bid meeting had already been held on Saturday to create better understanding of the transaction and the bidding process and to respond to the queries of the potential buyers.

The status of various relevant legal cases was also conveyed to the participants, it added. The PC had received 43 Expressions of Interest for this transaction.

JCL is a public limited company listed on Karachi Stock Exchange since 1962 and registered under the Companies Ordinance 1913 (now Companies Ordinance 1984. JCL is located north of Karachi over an area of 1,200 acres in the Mangophir hills along with 3,159 acres of mining lease land (quarry).

The company started the production of cement in 1964 with a capacity of 500 tons per day and currently the rated capacity of the plant is 600,000 tons per year.