ISLAMABAD, July 20: The Privatisation Commission on Thursday received the highest bid of Rs156 million from Rais Ahmed of Karachi for the sale of assets, plant, machinery and equipment of Lasbela Textile Mills (LTM).

Secretary Privatisation Commission Shaikh Ikramullah supervised the bidding process and briefed the participants about the bidding process. He informed that the PC had received 43 EoIs for this transaction out of which only 16 parties reached to the bidding point.

During the first round 16 domestic parties dropped their sealed bids in the bid box, which were later opened and read out by the representatives of the print and electronic media.

According to the first round results Mr Rais Ahmed of Karachi offered the highest bid of Rs128 million while Unique Trading Company and Abdul Sattar Noor Mohammad & Co remained second and third with Rs75m and Rs72 million bids respectively.

The top three bidders entered in the second round of open bidding and improved their bids with minimum increment of Rs1m. The final round received the highest bid of Rs156 million from Mr Rais Ahmed. Unique Trading Company followed with Rs155 million and Abdul Sattar Noor Mohammad & Co offered Rs150 million respectively.

According to a press release issued here, Privatisation Commission Board would consider the highest bid and would make recommendations for approval of the Cabinet Committee on Privatisation (CCoP).

The participants termed the bidding process as fair and transparent. It is the second transaction in the current financial year after the completion of Pak American Fertiliser, which reached the bidding point.

The textile mill is a project of Iran Pakistan Industries (Pvt) Limited (IPI) situated at Uthal, District Lasbela, Balochistan.

The machinery is part of fully integrated units of 50,000 spindles and 1,100 looms with complete dyeing and finishing facilities. The plant was set up in 1976 and it started production in January 1980 but was closed down in 1983.