ISLAMABAD, May 13: The Privatization Commission is holding bidding for the privatization/sale of 94.8 per cent shares of Pakarab Fertilizers (Pvt) Limited (PAFL) on Saturday (today) at the PC conference room. Privatization and Investment Minister Dr Abdul Hafeez Sheikh will supervised the bidding.

According to a handout issued here on Friday, it was the country’s largest unit in the manufacturing sector. Four parties have submitted earnest money of Rs150 million each along with the required documents. The parties include Consortium of Fatima Group, Dawood Hercules Chemical Limited, Consortium of Nishat Chunian and Umar Fabrics and Al-Ghurair Investment LLC.

PAFL is a 52-per cent GoP-owned private limited company (through National Fertilizers Corporation). International Petroleum Investment Company (IPIC) of the UAE owns the balance 48 per cent shares with a paid-up capital of Rs743.061 million.

Eight parties were pre-qualified for due diligence of PFL, which included Consortium of Fatima Group, Dawood Hercules Chemical Limited, Consortium of Nishat Chunian and Umar Fabrics, EMG (conditionally pre-qualified), Al-Ghurair Investment LLC, Husnain Cotex Limited, Consortium of Jahangir Siddiqui Capital Markets (Pvt) Ltd and Jahangir Siddiqui Investment Bank Limited, and Consortium of Haji Ghani Usman Group (conditionally pre-qualified).

The Privatization Commission received 11 EoIs for PFL. Friday was the last day for the submission of earnest money for becoming eligible to participate in the bidding.

PAFL is a large fertilizer complex in Pakistan engaged in the manufacturing of calcium ammonium nitrate, nitro phosphate (compound fertilizer), besides ammonia, nitric acid and urea. Raw materials for the manufacturing of fertilizers are natural gas supplied by Sui Northern Gas Pipelines Limited through its transmission network and rock phosphate imported form Jordan/Morocco.

The project is located at Khanewal Road, Multan. It was established as a result of protocol between the government of Pakistan and state of Abu Dhabi. The company was incorporated in 1973.