The privatisation commission said it had a good response to the auction of a further seven small scale state-owned industrial units on 3-4 June.
The highest bids are:
Ravi Engineering – Rs 16 million ($517,300) from Petrosin of Singapore
Lyallpur Chemicals – Rs 311 million ($10 million) from an employees group
Ittehad Chemicals – Rs 20.10 ($0.649) a share from Chemi Group
Hazara Phosphate – Rs 9.00 ($0.29) a share from Aslam Pervaiz
Textile Machinery Company – Rs 26 million ($841,423) from Omer Sons
General Refractories – Rs 30.5 million ($987,000) from Sardar Baluch
Pak Hy Oils – Rs 75 million ($2.4 million) from Tariq Saddiqui
The commission said the bids were encouraging and that it was confident that the sale of most of the units would be completed.
Other privatisations are also proceeding, a commission source said. It expects to appoint a financial adviser for the sale of Bankers Equity before the end of June. Pakistan Telecommunications Corporation is due to be incorporated by early July. The privatisation of the Pakistan Arab Fertilisers and the Pakistan Saudi Fertiliser Corporation is due to go ahead in the second half of 1995. However, the commission says it intends to take a different approach with the sale of these two firms.