ISLAMABAD, Dec 2: Al Hamd Chemicals on Saturday offered the highest bid of Rs280.20 million for acquiring 100 per cent shares of Lyallpur Chemicals and Fertilisers Ltd (LCFL).

The unit is owned by the National Fertiliser Corporation of Pakistan Limited (NFC).

The Privatisation Commission in a pres release issued here said that the bidding was supervised by Federal Minister for Privatisation and Investment Zahid Hamid. Member of the National Assembly standing committee on privatisation and investment Ms Gul-e-Farkhanda witnessed the proceedings.

Three parties participated in the bidding including ATC Processing (Pvt) Ltd Lahore and Sheikh Muhammad Tahir and Sheikh Muhammad Akbar, Lahore.

In the first round, the sealed bids were opened in the presence of the three authorised parties of the three parties and print and electronic media.

Al-Hamd Chemicals offered the highest bid of Rs275 per share followed by ATC Processing at Rs90.41 and Sheikh Muhammad Tahir and Sheikh Muhammad Akbar Lahore at Rs75 per share.

The highest bidder was asked to match the reference price of Rs280.20 million which was met.

The Privatisation Commission Board (PCB) would consider the offer in its upcoming meeting and would recommend for approval from the CCoP. A 10pc stake of the company would be given to its workers who will not opt for VSS or GHS scheme.

Zahid Hamid said that the privatisation of public sector entities would continue which would not only bring the private sector forward to improve the quality of production and efficiency with modern technology but it would also generate employment opportunities through expansion.

Ms Gul-e-Farkhanda said that the whole bidding process was very transparent and was in accordance with the set procedures. All the parties were given equal chance to participate.

While talking to newsmen Al-Hamd Chemicals (Pvt) Ltd Chairman Iftikhar Nazir Chaudhry said that his group would expand the operations of the LCFL to enhance production and benefit the agriculture sector of the company by taking along the workers of the unit.

Layallpur Chemicals produces powdered single super phosphate (SSP) and zinc sulphate. The sulphuric acid required for the production of both SSP and zinc sulphate is also produced within the unit.

The plant was rehabilitated and re-commissioned in May 1999. The unit production capacity include SSP (powdered) 72,000 tons, sulphuric acid 30,000 tons and zinc sulphate 1,500 tons per annum. The marketing of the products is carried out by NFC’s subsidiary company, National Fertiliser Marketing Limited (NFML).