Officials at the Privatisation Commission of Pakistan (PC) received more than 30 offers for the privatisation of various sections of Lasbela Textile Mills during an auction held in Karachi on Monday.

Various sections of the mill, which operators LaSalle Textile Mills closed in 1984, were up for grabs yesterday, including the processing, spinning, weaving, laboratory, combing, transport and workshop units.

Although seven bidders participated in the auction, three of them dominated the process, with M/s Hussein Construction Ltd offering the highest price for 23 lots, followed by Sadie Woollen Mills; Gujranwala for five lots, and M/s S Riaz-ul-Hassan Taqvi Karachi for three lots.

The highest bids will now be discussed at a future board meeting of the commission for recommendation to the Cabinet Committee on Privatisation for final approval.

At an earlier auction in March, M/s Sadiq Woollen Mills's bid of Rs 31 million for the mill's entire processing unit was rejected as it fell far short of the commission's floor price of Rs 105m.

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