ISLAMABAD, Nov 30: The Privatisation Commission (PC) has announced that the bidding for the sale of 90 per cent shares of Lyallpur Chemicals and Fertiliser Limited (LCFL) will be held here on Saturday.

The PC in a handout issued here on Thursday said that the three pre-qualified parties had deposited Rs40 million each as earnest money to participate in the bidding.

The three parties are: Al-Hamd Chemicals (Pvt) Ltd, Lahore; ATC Processing (Pvt) Ltd Lahore; and Sheikh Muhammad Tahir and Sheikh Muhammad Akbar, Lahore.

The PC had invited Expressions of Interest (EoI) from the prospective investors, including fertiliser companies, industrial concerns and groups, and consortia of investors, who can demonstrate their ability to efficiently manage and operate the company located at Jaranwala.

National Fertiliser Corporation of Pakistan Limited (NFC) is the owner of LCFL, which is an unlisted public company registered under the Companies Ordinance 1984. The authorised, issued and paid-up capital of the company is Rs10 million with one million shares of Rs10 each.

The LCFL produces powder Single Super Phosphate (SSP) and Zinc Sulphate. The Sulphuric Acid required for the production of both SSP and Zinc Sulphate is also produced within the unit. The plant was rehabilitated and re-commissioned in May 1999.

The unit production capacity includes SSP 72,000 tons per annum, Sulphuric Acid 30,000 tons and Zinc Sulphate 1,500 tons. The marketing of the products is carried out by NFC's subsidiary company, National Fertiliser Marketing Limited (NFML).