ISLAMABAD, Sept 19: The Privatization Commission on Thursday transferred the remaining 10 per cent shares (6 million) of Paksaudi Fertilizer Limited to the Consortium led by Fauji Fertilizer Company Limited at the rate of Rs135.85 per share.

The highest offer received for this transaction on March 9, 2002, according to a handout issued by the PC.

In line with the conditions of the bid documents the remaining 10 per cent NFC shares were offered to those workers of the company who did not opt for the Golden Handshake Scheme but no response was received from the workers by the due date. As per condition of the bid documents the successful bidder was bound to pick up the remaining shares at the offer price.

A ceremony to transfer these remaining 10 per cent (6 million) shares to the Consortium led by Fauji Fertilizer Company Limited on payment of Rs815.1 million was held, which was participated by the Federal Minister for Privatization Altaf M. Saleem and the representatives of FFCL, NFC and Ministry of Industry & Production A representative of FFCL presented a cheque amounting to Rs815.1 million to the secretary, Privatization Commission, Ahmad Waqar who gave cheques worth Rs122 million as Golden Handshake for 416 workers being disbursed tomorrow by the new owners.

FFCL had already deposited Rs7.3359 billion for 90 per cent (54 million) shares of the company by due date. Now the total proceeds for this transaction has come to Rs8.15 billion for 100 per cent (60 million) shares, which were fully owned by National Fertilizer (NFC).

Paksaudi Fertilizer Limited (PSFL) is a public limited company, incorporated in 1975, under the Companies Ordinance, 1984 aimed at reducing the import of fertilizers and promoting the fertilizer industry in Pakistan. The major financing for this project was provided by Saudi government, and in appreciation of this contribution, the project was named as Paksaudi Fertilizer Limited. The plant started its trial production in April 1980 and commercial production started in October 1980.

The Head Office of the company and the plant is situated 2.5 km northeast of Mirpur Mathelo, Sindh at a distance of 104 km from Sukkur. The total land area is about 566.2 acres. PSFL is one of the five urea-manufacturing plants, which are presently operating in the public sector. PSFL is a wholly owned subsidiary of National Fertilizer.

At present there are nine fertilizers producing units in Pakistan. Five of these units are state owned and are controlled by the National Fertilizer. The remaining four units are managed by the private sector. The state owned units are Hazara Phosphate Fertilizer, Lyallpur Chemical & Fertilizer, Pak Arab Fertilizer, Paksaudi Fertilizer and Pak American Fertilizer.

The units in the private sector are Engro Chemicals Pakistan Limited, Dawood Hercules Chemicals Limited, Fauji Fertilizer Company Limited and FFC-Jordan Fertilizer Company Limited.