KARACHI, July 3: A consortium of National Bank of Pakistan, Habib Bank Limited and United Bank Limited said they intend to sell their controlling stake in Metropolitan Steel Corporation Ltd (MSCL) through competitive bids.

A notice in the press identified the consortium’s holding at 73.6 per cent, representing 22.8 million shares of MSCL, which are up for sale. “The price offered for the shares will be payable upfront in full within 30 days of acceptance of the bid and shall include and cover consideration for the shares (with management control) as well as full repayment of outstanding long-term liabilities of MSCL towards the consortium (but excluding current liabilities),” the notice said.

MSCL was stated to be a diversified engineering unit situated at Landhi industrial area of National Highway, Karachi. It had been in operation for 45 years and was a major supplier to Pakistan Steel, Wapda, Cotton Export Corporation, Railways, Army and others, besides having substantial share of the private sector market for engineering inputs. The unit comprised a total land area of approximately 64 acres. The fixed assets of MSCL were around Rs540 million and the annual turnover ranged between Rs300 to Rs700 million in years 1992-97, when the operations of the unit closed due to accumulated losses and heavy debt. The operations were revived on August 17, 1998 and various factories and mills of MSCL were in operations since then, the notice said.