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Four bidders short-listed

for Mohib Textile,

KARACHI: Four bidders have been short listed after the preliminary bidding for under-liquidation Mohib Textile Mills Limited, which was held at Lahore on Saturday, official sources said.

These included the Maqbool Textile Mills Ltd with a bidding amount of Rs 1.030 billion, Fazal Cloth Mills Ltd with Rs 1.009 billion, Mountfield Trading Ltd Rs 1 billion and Green House HTN Joint Venture Rs 900 million.

The successful bidders will go to the court on April 4, to get the ownership documents after depositing the bidding amount.

The official hoped that the bidding amount may further increase in the court as four of the contesting bidders will complete each other to get the ownership of the mill.

He said not only the mill will be revived but Picic and National Bank of Pakistan (NBP) will also get back their stuck-up amount.

The sources said Picic Managing Director Mohammad Ali Khoja and four official liquidators will hand over the keys to the new owner after the completion of legal requirements.

Mohib Textile is owned by a prominent industrialist Mian Asif Saigol, and is one of the leading defaulters in the country now. The Lahore High Court has appointed joint official liquidators for the recovery of bank loans stuck-up against it.

These official liquidators are advocate Malik Mohammad Hussain, advocate Robina Yasmeen, Picic Deputy Managing Director Ghulam Haider and NBP Regional Chief Aftab Ahmed.

The Pakistan Industrial Credit and Investment Corporation (Picic) holds 81.05 percent stake in Mohib Textile.

The first bidding for the liquidation of this mill was held on March 13, 2000, in Lahore, but due to incomplete documents the bidding was cancelled. About 14 bidders had participated in the bidding.

The advertisement for bidding was issued on February 14 this year.

The unit spreading over 50 acres of land in Muzaffargarh, has about 113,592 spindles of various makes from Italy, USSR, China, Japan, Europe.ÑAPP