ISLAMABAD, Nov 27: The Privatisation Commission will sign a share purchase agreement (SPA) with the successful bidder on Friday for handing over of the Hazara Phosphate and Fertilisers (Pvt) Limited (HPFL).

The commission had already received 25 per cent sale price (Rs335.006 million) for the sale of HPFL within the stipulated time from the successful bidder, Pak American Fertilisers Limited (PAFL), as per terms of the Letter of Acceptance (LoA).

An official statement issued here said consequent to the approval by the Cabinet Committee on Privatisation (CCoP) on Sept 29 of the highest bid of Rs70 per share (total Rs1.340 billion for 100 per cent shares) and declaration of Pak American Fertilisers Limited (PAFL) as the successful bidder, the LoA was issued on Sept 30 last.

The SPA shall be signed in accordance with the standard procedure after receiving final payment of remaining 75 per cent (Rs965, 018 million) of bid price and 50 per cent share of GHS/VSS of Rs45.040 million.

The successful bidder’s earnest money of Rs40 million deposited with the PC will be adjusted at the time of final payment.

The Golden Handshake Scheme (GHS) and Voluntary Separation Scheme (VSS) have been offered to the permanent workers and executives of HPFL.

The PC received the highest offer of Rs1. 34 billion from Pak American Fertilisers Limited at the rate of Rs70 per share for 100 per cent shares during an open bidding held on Sept 25 for the sale of minimum of 90 per cent shares of HPFL together with management control on ‘as is where is’ basis through an open bidding process among the pre-qualified parties.