ISLAMABAD, Sept 15 The Privatisation Commission has finalised all arrangements for the sale of minimum of 90 per cent shares of Hazara Phosphate Fertilisers (Private) Limited (HPFL) to qualified parties on Sept 25.
The PC has asked the potential investors to deposit earnest money of Rs40 million with by Sept 22 by 1100 hrs to become eligible for participating in the bidding process.
The Bidding will be held at 1030am in the commission's hall in the presence of all the stakeholders and the representatives of the media.
The PC has issued necessary instructions to the potential bidders in this regard, says a statement issued here.
There are six parties in the run. The potential bidders include I. Afzal Motors Limited, Rawalpindi, 2. Akber Brothers & Green Force Limited, Multan, 3. Khawaja Bashir Ahmad Group, Multan, 4. Kissan Chemicals & Fertilizers & Chaudhary Steel Re-rolling Mills Limited, Lahore, 5. Pak American Fertilizers Limited, Lahore and 6. Warble (Pvt) Limited Lahore.
The PC had invited EoIs from the prospective investors (companies) or consortia engaged in manufacturing or engineering business, who can demonstrate the ability to own, efficiently manage and operate the company.
The plant is located at Haripur (NWFP), 75 km from Islamabad.
The factory is situated on 57 acres of developed land and includes plant, housing and ancillary facilities.
National Fertilizer Corporation of Pakistan (Private) Limited (NFC) owns Hazara Phosphate fertilizers (Private) Limited.
The HPFL is a state-owned private limited company, registered under the Companies Ordinance 1984. The authorised share capital of the company is Rs200 million divided into 20 million ordinary shares of Rs10 each, whereas the issued, subscribed and paid-up capital of the company is Rs191.143 million comprising 19.143 million ordinary shares of Rs10 each.
National Fertilizer Marketing Limited (NFML) is currently carrying out marketing of the product of HPFL.
The Purchaser shall, however, be free to market the product using its own arrangement. The government of Pakistan in order to encourage use of phosphate fertilisers is currently providing a subsidy of Rs204 per bag since July 1, 2007.
To improve the profitability of HPFL, the federal government and the government of NWFP are endeavouring to make available local phosphate rock as raw material through enabling environment for the private sector mining companies. —APP
