ISLAMABAD, Aug 23: The Privatisation Commission here on Wednesday handed over the control of Javedan Cement Ltd (JCL) to its new management by approving its Rs4.315 billion sale.

The management was handed over to Haji Ghani Usman and Group at a ceremony presided over by Privatisation Minister Zahid Hamid.

The commission had received the highest offer of Rs80 per share making a total of Rs4.315billion for the sale of 96.34 per cent shares of JCL from the group during a bidding process held in September last year.

Speaking at the ceremony Mr Hamid expressed the hope that the new management would ensure improvement in the operational performance of JCL.

Earlier, he said the commission had completed the transaction of Pak American Fertiliser Company and the JCL transaction was the second one completed in the current financial year. After getting approval from the Cabinet Committee on Privatisation for the highest offer of Rs156 million for the sale of Lasbella Textile Machinery it would also be completed soon.

Mr Hamid said the government's approved broad-based privatisation programme would be processed with proper sequence in future.

The programme includes the secondary public offering of United Bank Limited, Kot Addu Thermal Power Company, initial public offering of Habib Bank Ltd, State Life Insurance Corporation, 10 to 15 per cent global depository receipts (GDR) of Oil and Gas Development Company Ltd, Sui Southern Gas Company, Faisalabad Electric Supply Company, Peshawar Electric Supply Company, Jamshooro Power Company, land of Services International Hotel, Heavy Mechanical Complex, Heavy Electrical Complex, Pakistan Machine Tool Factory, coal mines and motels of Pakistan Tourism Development Corporation.

The minister said during the last seven years, an amount of Rs316 billion was realised through the privatisation of 57 entities. This was 85 per cent of the total amount realised during the last 15 years through the privatisation of national entities.

The highest bidder of JCL had already deposited the 25 per cent required amount of Rs1.156 billion and on the receipt of the remaining 75 per cent amount of Rs3.161 billion JCL stood transferred to the new buyer after the Sindh High Court vacated the stay orders obtained by Dadabhoy Cement.

JCL is located in the north of Karachi over an area of 1,200 acres in the Manghopir hills along with 3,159 acres of mining lease land. It started the production of cement in 1964 with 500 tons per day capacity and currently rated capacity of the plant is 600,000 tons per year.