ISLAMABAD, April 30: Privatization and Investment Minister Dr Abdul Hafeez Shaikh while announcing the results of invitation for expression of interest (EoI) from the prospective investors and business houses to privatize Mustehkam Cement Limited (MCL) through the sale of 85.29 per cent shares held by the holding company SCCP, has said that the overwhelming response by 38 parties reflected investors’ confidence in the government’s economic and privatization policies.

According to a handout issued here on Saturday, the minister said the privatization programme was heading forward satisfactorily and successfully to bring in the private sector for fresh investment, expansion of the entities being offered and enhance the production with better quality and efficiency.

“Our privatization programme is aimed at reviving the closed units, transmitting the benefits of privatization to the common man through public offerings of GoP shares in the public sector entities, improving the services and the products and generating more job opportunities in all sectors of the economy,” Dr Hafeez said.

The companies submitted EoIs for Mustehkam Cement include 4B Industries, Abdali Brothers, Afzal Motors, Al-Abbas Group of Companies, Ali Akbar Enterprises AGRO Division, Alloy Steel Company, AMTEX (pvt) Ltd, Asgharali Group, Balochistan Glass Ltd, Bestway Cement Company, BNP Group, Dewan Mushtaq Group, ELIXIR Securities Pakistan, Fauji Cement Company, Fecto Cement Ltd, Ghazi Group, Gulistan Group of Companies, Hunza Group of Companies, Imran Pasha (pvt) Ltd, Ittehad Steel, Kohinoor Oil Mills, Lucky Cement Ltd, Maple Leaf Cement Factory Ltd, National Group, Premium Energy, Saif Telecom Ltd, Sapphire Group, Sarawak Clinker Sdn. Bhd, Sarhad Textile Mills Ltd, Shalimar Shoes Ltd, Silver Textile Factory, Subh-e-Noor, Swat Ceramics Company (pvt) Ltd, The Petrosin Group, and Usman Enterprises.

MCL is a public limited company listed on the stock exchange. The original unit commenced its production in 1966, while the new unit started commercial production in 1981. The company produced Portland cement. The plant is located at Hatiar, Haripur, and has a rated capacity of 660,000 tons per annum. It was closed down in 1999 and employees were paid off GHS/VSS.