ISLAMABAD, Oct 27: The Privatisation Commission has received 25 per cent (Rs335.006 million) of the sale price of Hazara Phosphate and Fertilizers Limited (HPFL).

An official statement issued here on Monday said the amount was received within the stipulated time from the successful bidder -- Pak American Fertilizers Limited (PAFL) -- as per terms of the Letter of Acceptance (LoA).

Consequent to the approval by the cabinet committee on Privatisation of the highest bid of Rs70 per share (total Rs1.340 billion) and declaration of Pak American Fertilizers Limited (PAFL) as the successful bidder, the LoA was issued on September 30, 2008.

Golden Handshake Scheme (GHS) and Voluntary Separation Scheme (VSS) have been offered to the permanent workers and executives of HPFL. The successful bidder’s earnest money of Rs40 million deposited with the PC will be adjusted at the time of final payment.

The share purchase agreement (SPA) shall be signed in accordance with the standard procedure on the date of receiving final payment of remaining 75 per cent of bid price and 50 per cent share of GHS/VSS of Rs45.040 within sixty days of the issuance of LoA, which comes to November 27, 2008.