ISLAMABAD, Dec 1: Bidding for the sale of minimum 90 per cent shares of Lyallpur Chemicals and Fertilisers Limited (LCFL) is being held here on Saturday.

The Privatisation Commission in a handout here on Friday said that Privatisation and Investment Minister Zahid Hamid would supervise the bidding process.

Three parties — Al-Hamd Chemicals (Pvt) Ltd, Lahore; ATC Processing (Pvt) Ltd, Lahore; and Sheikh Muhammad Tahir and Sheikh Muhammad Akbar of Lahore — have deposited the earnest money of Rs40 million each to become eligible for participating in the bidding.

National Fertilizer Corporation of Pakistan Ltd (NFC) is the owner of LCFL, which is an unlisted public company registered under the Companies Ordinance, 1984. The authorised, issued and paid-up capital of the company is Rs10 million, with one million shares of Rs10 each.