ISLAMABAD, April 6: The Privatization Commission (PC) has received a total offer of Rs121.6 million for the sale of 100 per cent shares of E.M. Oil Mills and Industries Limited and acquisition of 61.8 per cent shares of Maqbool Company Limited on ‘as is where is basis’.

The bidding for both the ghee units of Ghee Corporation of Pakistan (GCP) took place here on Saturday and witnessed by a large number of businessmen and media men at the offices of the PC.

According to the details, M/S Star Cotton Corp. (Pvt) Ltd. won a deal of E.M. Oil Mills and Industries by giving a bidding of Rs94 million for acquiring 1,939,276 shares, each Rs48.50 per share, while Madina Enterprises was declared the highest bidder to buy 61.8 per cent shares of Maqbool Company Limited at a price of Rs27.5 million for 270,435 shares at Rs102 per share.

These bidders were declared the highest bidders. Altaf M. Saleem, Federal Minister for Privatization, who is also Chairman of the Privatisation Commission, supervised the bidding proceedings.

Now, he said, that Privatisation Commission Board and the Cabinet Committee on Privatization (CCoP) will meet on April 16 to approve both the deals. “E.M. Oil Mills’ bidding is more than our expectations while bidding for Maqbool Company is roughly 92 to 95 per cent close to our reference price”, Saleem said.

The minister, on the occasion, said that Pakistan’s economy was now at the take off stage and it was the right time to invest.

“Today’s event was an ample proof of the confidence of the small and medium enterprises in the government’s economic policies”, he said adding disinvestment of mega deal of Pak Saudi Fertilizers Limited has paved the way for more privatization deals.

He said that the government has so far revived 145 sick units as mentioned by the President General Pervez Musharraf in his address to the nation on Friday.

About the ghee units, he said, the units would be transferred to the successful bidders free from liabilities pertaining to Government of Pakistan (GoP) loans, amounts due to Ghee Corporation of Pakistan (GCP) and existing liabilities of CBR, after approval from the PC Board and CCoP.

Eight parties submitted EoIs for E.M. Oil Mills and Industries Limited, which included M. Ghufran, M/s Madina Enterprises, M/s Mian Amin Trading Establishment, Mohammad Akhlaq Memon, M/s Razzaque Basit Oil Industries, M/s Sheikh Abdul Waheed and Sheikh Abdul Razzaq, M/s Star Cotton Corp. (Pvt) Ltd and M/s Sufi Group of Industries, while four parties expressed their interest for Maqbool Company Limited, namely M. Ghufran, Muhammad Akhlaq Memon, M/s Madina Enterprises and M/s Star Cotton Corp. (Pvt) Ltd.

E.M. Oil Mills and Industries Limited is an unlisted public limited company, 100 per cent owned by the Ghee Corporation of Pakistan. The unit is located at a leased plot No. E-3 Estate Avenue, S.I.T.E, Karachi, measuring 4.22 acres, the lease will expire in 2052. The unit has an annual capacity of 32,000 tons. The factory possesses all necessary infrastructure facilities.

Maqbool Company Limited is a public listed company quoted on the Karachi Stock Exchange. The Ghee Corporation of Pakistan holds 61.8 per cent, while the rest are held by general public and other institutions. The unit is located at plot No. D-5 South Avenue, S.I.T.E, Manghopir road, Karachi, measuring 3.36 acres, leased for 99 years to be expired in year 2050. The unit has an annual capacity of 12,500 tons. It is also equipped with all necessary infrastructure facilities.

A brief summary profile of these units can be obtained from PC free of cost. The PC had invited EoIs from prospective bidders for this sale in February this year.