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Auction of food unit fetches Rs.32.5 million
LAHORE-Corporate and Industrial Restructuring Corporation
(CIRC) on Friday auctioned Malik Food Industries Ltd for the
highest bid of Rs.32.5 million while six more sick industries
will be offered for sale this month.Six bidders participated
in the auction which was conducted by Punjab Finance Minister
and Chairman,CIRC, Tariq Hameed after opening the sealed
tenders.
The initial bid was opened at Rs.10 million and after hours of
urging and prodding by Chairman, CIRC,the final bid of Rs.32.5
million by Ayub Sheikh, a Chiniot businessman, was accepted.
"I would have been happy to receive Rs.40 million but
nevertheless,this had been a satisfactory offer," Tariq Hameed
said.
He said this was the eleventh unit sold by the Organisation
out of 16 being offered for sale. " In all CIRC has drawn up a
list of 52 sick industries for sale," Hameed added.
Malik Food Industries, manufacturer of fruit juice drinks and
jams and jelly, based in industrial area of Kot Lakhpat and
measuring 20 kanals, had been closed for the past ten years
and was in the process of liquidation.
Apart from six units in Punjab, one sick unit each in Sindh
and NWFP would also be auctioned this month.The next bidding
takes place on Saturday when Fruit Sap Pvt Ltd comes under
hammer.
The other units lined up for auction include Masood Sons on
August 7, property one and two of East Yarn Trading PVT.Ltd.
on August 9,prperty No. 3 of East Yarn Trading PrivateLimited
on August 11,Goreja Steel Mlls on August 29 ,land wned by Tec
Pak Extracion,Sulfi Ghee Limited and
Tawakkal PolyesterLimited on August 31.
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