ISLAMABAD, May 16: The Privatization Commission Board here on Monday recommended for approval of the Cabinet Committee on Privatization (CCoP) the highest offer of Rs14.125 billion for the sale of 94.8 per cent (74,306,100) shares of Pakarab Fertilizers (Pvt) Limited (PAFL) made by the Consortium of Reliance Export under the umbrella of Fatima Group and Arif Habib Group.

The consortium had offered the highest per share offer of Rs190.1 in the bidding ceremony held at the Privatization Commission on Saturday. Presided over by Privatization and Investment Minister Dr Abdul Hafeez Sheikh, the meeting reviewed progress and status of various ongoing and upcoming transactions, including Carrier Telephone Industries (CTI), Telephone Industries of Pakistan (TIP), Karachi Shipyard and Engineering Works (KS&EW), National Refinery Limited (NRL) and Pakistan Telecommunication Company Limited (PTCL), said an official announcement.

A presentation was also made on the privatization of KS&EW in the meeting.

Dr Hafeez directed the board officials that all measures should be taken to ensure the rights of the workers during the privatization of public sector entities. The minister said the bidding results of PAFL were significant for a number of reasons and that it was the biggest transaction after the privatization of United Bank Limited.

Four parties — Consortium of Reliance Export, Dawood Hercules Chemical Limited, Consortium of Nishat Chunian and Umar Fabrics, and Al-Ghurair Investment LLC, UAE — had submitted earnest money of Rs150 million each along with the required documents for participating in the biding for the privatization of PAFL.