ISLAMABAD, Aug 22: After the highest offer of Rs80 per share from Haji Ghani Usman and Group for 96.34 per cent shares of Javedan Cement Limited (JCL) in Sept last year, a share purchase agreement ceremony following its handing over will be held here on Wednesday (August 23).

The Privatisation Commission received the highest offer of Rs4.315bn for the sale of JCL from the group. A share purchase agreement ceremony will be held in the presence of Zahid Hamid, Minister for Privatisation and Investment and representatives of the print and electronic media.

The highest bid received was duly recommended by the Privatisation Commission Board and got approval of the CCoP being within the acceptable range.

The highest bidder had already deposited the 25 per cent required amount with the PC. However, due to litigation the transfer of the unit got delayed.

The Privatisation Commission had received 43 expressions of interest for the privatisation of JCL on an “as is where is” basis.

—APP