December 11, 2007	Tuesday	Ziqa’ad 30, 1428

ISLAMABAD, Dec 10: The prospective investors have given very encouraging response by expressing interest for the acquisition of minimum of 90pc shares of Hazara Phosphate Fertilisers (Private) Limited (HPFL), together with management control on as is where is basis.

The Privatisation Commission (PC) has received 13 expressions of interest (EoI) from interested parties by due date.

According to an official announcement, these parties include Afzal Motors, Rawalpindi; Akbar Brothers, Multan; Farm Fertiliser, Lahore and Warble, Lahore; Grain Tech, Lahore; ITHACA Capital, Karachi; Ittehad Steel Group, Islamabad; Khawaja Bashir Ahmad Group, Multan; Kissan Chemicals and Fertilisers Lahore; National Steel Re-rolling Mills, Islamabad; NH Pesticides Group International, Multan; Niagara Mills, Faisalabad; Oil Industries Pakistan Karachi and Pak-American Fertiliser Ltd, Lahore.

The parties, which have submitted EoIs are being sent Request for Statement of Qualification (RSOQ) document for response, which shall form the basis for pre-qualification. Closing date for submission of Statement of Qualification (SOQ) is Dec 22.

National Fertiliser Corporation of Pakistan (NFC) owns Hazara Phosphate Fertilisers. HPFL is a state owned private Ltd company, registered under the Companies Ordinance 1984. The authorised share capital of the company is Rs200 million divided into 20 million ordinary shares of Rs10 each whereas the issued, subscribed and paid up capital of the company is Rs191.143m comprising 19.143 million ordinary shares of Rs10 each.

The cost of Golden Hand Shake Scheme (GHS) for permanent workers based on All Pakistan State Enterprises Workers Action Committee (APSEWAC) agreement and Voluntary Separation Scheme (VSS) for the permanent executives will be shared equally between the new buyer and the Privatisation Commission. The bidder shall bid on the basis of audited accounts of June 2007 and may also factor in the latest un-audited accounts available prior to the bidding.

The National Fertiliser Marketing Ltd (NFML) is currently carrying out marketing of the product of HPFL. The purchaser shall, however, be free to market the product using its own arrangement.

The Government of Pakistan in order to encourage use of Phosphatic Fertilisers is currently providing a subsidy of Rs204 per bag effective from July 1.