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Bidding for

Mohib Tex held

RECORDER REPORT

KARACHI: Bidding for the sale of the country's largest textile mill with 113,392 spindles, Mohib Textile Mills Ltd, was held at Lahore on Monday. The mill is under liquidation.

As many as 14 parties, local as well as foreig, took part in the bidding. The highest bid was of Rs 2 billion, followed by Rs 900 million and Rs 850 million.

The bids will be reviewed on March 25. Mohib Textile Mills was financed by the largest consortium of 56 banks and DFIs, local and foreign. The consortium was led by Pakistan Industrial Credit and Investment Corporation (PICIC) with 85.5 percent participation.