ISLAMABAD, July 6: The share purchase agreement signing ceremony for the sale of 51 per cent equity stake in National Refinery Limited to the Attock Oil Group of Companies will be held on Thursday (today) at 2.30pm at a local hotel in Karachi.

Privatization and Investment Minister Dr Abdul Hafeez Shaikh will chair the ceremony.

Attock Oil has paid the total amount of the bid offer of Rs16.415 billion for the acquisition of strategic stake of 51 per cent (33,985,788 shares) of National Refinery Limited together with transfer of management control to the Privatization Commission.

The final payment of Rs12.011 billion was made on July 2, while 25 per cent of the total offer — Rs4.103 billion — was received by the Privatization Commission on June 21.

The bidding for NRL was held on May 31, 2005. Three bidders — Attock Oil Group, Crescent Steel and Allied Products

and Shakarganj Mills Limited and Fauji Foundation Consortium -– participated in the final bidding after depositing Rs300 million each as earnest money.

The Attock Oil Group submitted the highest bid with an offer of Rs483 per share and total bid value of Rs16.415 billion for the acquisition of NRL.