ISLAMABAD, April 5: The Privatization Commission on Monday held first pre-bid conference for the sale of 94.8 per cent shares of Pak-Arab Fertilizer Limited (PFL).

A PC handout issued here said that the first round of the conference was chaired by Salim Gul Shaikh, Secretary Privatization, and participated by four pre-qualified parties.

The four parties included Nishat Chunian Limited/Umer Fabrics, Fatima Group of Companies, Dawood Hercules Chemical Limited and Employees Management Group, which is conditionally pre-qualified. Besides, Ministry of Industries & Production, IPLC and NFC representatives were also attended the meeting.

It was decided to hold the second round of the pre-bid conference in the last week of May 2004 after the completion of the due diligence of the transaction, which will commence from April 26, while each party will be given one week's time to complete the due diligence process.

The Pak-Arab Fertilizer is 52 per cent GoP (through National Fertilizer Corporation) owned public company. International Petroleum Investment Company of UAE (IPIC) owns the balance 48 per cent shares.

The company was incorporated in 1973 with a paid-up capital of Rs743.061 million. PFL is the largest fertilizer complex in Pakistan and the only factory producing Calcium Ammonium Nitrate (CAN) and Nitro-phosphate (NP) commonly known as compound fertilizer.

The project is located at Khanewal Road, Multan. The site area comprises 302 acres, which includes area for the factory and the housing colony, which is owned by the company.

Currently the company's products are being marketed through the National Fertilizer Marketing Limited (NFML), a government owned company responsible for marketing the fertilizer production of all the government owned fertilizer-manufacturing units.