ISLAMABAD, June 16: The Privatisation Commission (PC) will hold bidding for privatisation of a minimum of 90 per cent shares of the Hazara Phosphate Fertilisers Ltd (HPFL) on Monday (June 18).

The PC has received eight expressions of interest (EoI) and statement of qualifications from interested parties and investors to participate in the privatisation process of the HPFL.

The factory is situated at Haripur on 57 acres of developed land and includes factory, housing scheme and other amenities.

Two parties -- Farm Fertiliser (Pvt) Ltd Lahore and Pak Steel Re-Rolling Mills, Islamabad -- have become eligible after depositing the earnest money within the stipulated period.

According to the terms and conditions, the purchaser shall continue to operate company’s manufacturing facility and shall not in any way abandon, cease to operate or otherwise shut down the existing company manufacturing facility.

The cost of golden hand-shake scheme for permanent workers and voluntary separation scheme (VSS) for the permanent executives will be shared equally between the new buyer and the PC. The bidder shall bid on the basis of audited accounts of June 2006 or the latest audited accounts available and may also factor the latest un-audited accounts available prior to the bidding.

The National Fertiliser Corporation of Pakistan Limited owns Hazara Phosphate Fertilisers Ltd (HPFL). It is an unlisted public company registered under the Companies Ordinance 1984.

The authorised share capital comprises 20 million ordinary shares of Rs10 each whereas the issued, subscribed and paid-up shares are Rs19.143 million of Rs10 each i.e. Rs191.432 million.