ISLAMABAD, April 22: The open bidding for the sale of 60.5 per cent shares of Kohinoor Oil Mills (KOML) on 'as is where is basis' would be held on May 4. Privatization Commission in a handout issued here on Thursday said that Federal Minister for Privatization and Investment Dr Abdul Hafeez Shaikh would supervise the bidding process.

A total of 10 prospective bidders who participated in the final round of the pre-bid moot held on April 13 this month, under the chairmanship of PC Secretary Salim Gul, agreed to start bidding from the floor price of Rs140 per share (which is not the reference price) with a minimum increase of Rs5 or its multiple to raise their bids.

The prospective bidders were asked to deposit the required earnest money latest by April 30 along with the required documents to become eligible for participation in the open bidding.