The New Nation - Internet Edition

The Privatisation Commission on Sunday signed an agreement with a private party to sell off the Particle Board and Veneering Plant, Chittagong, an industrial concern under the environment and forest ministry, for about Tk 21 crore.

This is the first case of disinvestment of state-owned enterprise after the Awami League-led government assumed office on January 7. The Particle Board and Veneering Plant, Chittagong, has remained closed since March 31, 2003. The commission, a statutory regulatory body responsible for disinvestment of state-owned enterprises, earlier floated and disposed of tender 11 times to privatise this industrial unit.

Surprise Industrial Corporation, Chittagong, won the bidding as the highest bidder for the plant set up on 7.8 acres of land.

The secretary of the commission, Mohammad Akram Hossain, and a managing partner of the bidder, Abdul Mottaleb, signed the agreement on behalf of their respective sides.