KARACHI, Nov 24: Trading Corporation of Pakistan (TCP) has disbursed Rs172.855 million to a sugar mill as a part payment (85 per cent) against the purchase of 13,000 tons sugar.

According to TCP here on Monday, the recipient is M/s Shakarganj Mills Limited.

The payments to the sugar mills for the balance purchased quantity of 87,000 tons will be released as soon as the sugar stocks are checked and confirmed by the surveyors of the TCP deputed at these mills, and documents required for release of the amount are furnished to TCP by the sugar mills.

The TCP has obtained financing from two banks at an exceptionally low rate of 1.719pc for the period ending June 30, 2004.

The TCP has been given the mandate, by the government for purchasing 200,000 tons sugar from the mills.

The Corporation has so far purchased a quantity of 100,000 tons by inviting bids through two tenders during November, 2003.

The balance 100,000 tons will be purchased in January, 2004 from those mills only who would have started crushing on or before November 30, 2003.—APP