ISLAMABAD, May 30: The Privatization Commission (PC) has received the first instalment of Rs3.348bn (25 per cent) of the highest offer of Rs14.125 billion for selling 74,306,100 shares of Pakarab Fertilizers Limited (PAFL). According to a press release, Arif Habib on behalf of the Consortium of Reliance Export under the umbrella of Fatima Group and Arif Habib Group handed over cheques for the said amount to Federal Minister for Privatization and Investment Dr Abdul Hafeez Shaikh here on Monday.

The group would make payment of remaining Rs9.893 billion by the second week of July 2005, while the buyer would also make a payment of Rs550 million for golden handshake (GHS) as their share for the employees. Speaking on the occasion, Dr Shaikh said the privatization of the PAFL would convey a positive signal and which was conducted in purely professional and transparent manner.

PAFL is the largest fertilizer complex in Pakistan and the government holds 52 per cent shareholding in it.