ISLAMABAD, Sept 29: The Board of the Privatisation Commission (PC) here on Monday gave approval to the highest offer of Rs1.34 billion at the rate of Rs70 per share for 100 per cent shares for the sale of Hazara Phosphate Fertilisers (Private) Limited (HPFL).

The highest bid was received from Pak-American Fertilisers Limited, Lahore during an open bidding held here on Sept 25.

The board meeting was held under the chairmanship of Syed Naveed Qamar Federal Minister for Privatisation, Investment and Finance.

The board gave its approval for a final nod from the CCOP.

After CCOP’s approval, it is expected that a letter of acceptance will be issued to the successful bidder by Tuesday.

The buyer is bound to deposit 25 per cent of the bid price within 14 days after the issuance of LOA while remaining 75 per cent of the bid price is to be paid within 60 days.—APP