ISLAMABAD, March 22: The Privatization Commission (PC) is holding Kohinoor Oil Mills Limited (KOML) Pre-Bid Conference on March 24. The government is off-loading 51pc shares of the mills on "as is where is" basis.
The conference is being held for better understanding of the transaction and the process and PC officials would respond to the queries from the prospective bidders.
According to a handout issued here on Monday, the PC has received 19 Expressions of Interest (EoIs) from different parties. The date of bidding would also be decided in the meeting in consultation with the bidders.
The liabilities owed to the government up to the date of transfer of this transaction will not be passed on to the successful buyer. The investors who have already submitted their EoIs in response to the earlier invitation in August 2003 are not required to apply again as they have been automatically included in the list of applicants.
KOML is situated on a piece of land measuring approx. 62.2 acres on main GT Road, Kala ShahKaku, Tehsil Ferozewala, Distt, Sheikhupura. It was converted into public limited company in 1971 and nationalized in September 1973. All employees of the unit were paid VSS/GHS in 1997.
The mills vegetable ghee plant has a capacity to produce 27,200 tons of ghee while the solvent extraction plant has annual rated capacity of 33,000 tons. Unlike other ghee mills, this unit also has seed handling/crushing equipment as well as solvent extraction plant (SEP).
The SEP was closed down in 1995 while ghee manufacturing was stopped in 1997. All employees of this unit were laid off paying GHS/VHS in 1997. Bidding documents along with the information memorandum have already been provided to prospective bidders who have submitted the EoI by due date.
The 19 parties include Al-Hamza Ship Breaking Company, Karachi, Petrosin Engineering Pvt Lid, Islamabad, Canal Associates, Lahore, Sardar Muhammad Ashraf D. Baluch Pvt. Ltd, Karachi, Lilly International (Pvt) Ltd, Islamabad, Treet Corporation Ltd, Lahore, Hashoo Group, Islamabad, M/s Muhammad Humayun, Islamabad, AA Enterprises, Karachi, Bara Ghee Mills, Bara, Bismillah Textile Limited, Faisalabad, Kohinoor Sugar Group, Lahore, Afzal Motors, Peshawar, Husnain Cotex Ltd, Lahore, Tahir Omer Industries (Pvt) Ltd, Muridke, Ayub Brothers, Lahore, Arch Sons, Karachi, Kohisar Enterprises, Karachi and Sartaj Roller Flour Mills, Lahore.