ISLAMABAD, Nov 9: The Privatization Commission of Pakistan has privatized state-owned Mustehkam Cement Limited (MCL) and its ownership, management and control is being handed over to the Bestway Group of UK, says an official handout here on Wednesday.

The Privatization Commission (PC) had earlier called for bids to privatize the MCL on September 15 and three companies took part in the bidding process.

The Bestway Cement Limited offered the biggest price of more than Rs3.2 billion and subsequently was offered to take over the MCL.

The Bestway later on deposited 25 per cent of the total bidding amount i.e. more than Rs800 million on October 8.

In a meeting held on Tuesday between the Privatization Commission and Bestway Group, it was agreed by both the sides that Bestway would deposit the remaining amount on Thursday (today).

The directors of the Bestway Group will meet the officials of the Privatization Commission and pay the remaining Rs2.3 billion and then the formal agreement will be signed citing the transfer of MCL to Bestway.

After the signature ceremony, Bestway Group will formally take over the MCL.

It should be noted that the Bestway Group is a huge UK-based business house and owns the Bestway Cement Limited, which is the fourth largest cement manufacturers and biggest cement exporter in Pakistan.

The privatization of the MCL has taken place at a crucial time as there is an urgent need of cement in the country given the very high domestic consumption of cement for reconstruction activities in the earthquake devastated areas.