The government is to sell its shareholdings in 11 local companies on 30-31 October. Both local and international companies have been invited to bid for the purchase of shares along with the transfer of management.
The 11 companies are Ittehad Chemicals, Sindh Engineering, Kohinoor Oil Mills, Burma Oil Mills, Maqbool Company, National Petrocarbon, Pak Hy- Oils, A&B Industrial Gases, E&M Oil Mills, Shikarpur Rice Mills and Cotton Ginning Factory. Company employees will be offered 10 per cent of the shares. Share prices and the net asset values of the companies will be announced on the day of the offer.
A total of 31 state-run industrial units have been slated for privatisation during 1994, and 18 have already been sold off. The government has considered restructuring the less healthy units to make them more attractive to prospective buyers.