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The open bidding for the privatisation of Kohinoor Oil Mills Limited (KOML)
through the sale of upto 60.5 % shares on 'as is where is' basis, will be held
on May 04, 2004 (Tuesday) at 12.00 noon. This was decided in the final round
of the pre-bid conference chaired by Mr. Salim Gul Secretary Privatisation
Commission here today.
10 prospective bidders participated in the final round of the pre-bid moot and
agreed to start bidding from the floor price of Rs.140/= per share (which is
not the reference price) with a minimum increase of Rs.5/= or its multiple to
raise their bids. The participants were asked to deposit the required earnest
money latest by April 30, 2004 (Friday) along with the required documents to
become eligible for participation in the open bidding. The respective
representatives of the print and electronic media will be
invited to witness the process.
The interested parties visited the company and had completed the due diligence
process with necessary assistance from the Ghee Corporation of Pakistan (GCP).
The liabilities owed to the Government upto the date of transfer of this
transaction will not be passed on to the successful buyer. The Government
intends to sell 60.5 % (3,16,969) shares of KOML while remaining shares are
with other private individuals and the institutions.
KOML is situated on land measuring approx. 62.2 acres on main GT Road, Kala
Shah Kaku, 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 27200 M. Ton of Ghee
while the Solvent Extraction Plant has annual rated capacity of 33000 M. Ton.
Unlike other Ghee Mills, this unit also has seed handling/ crushing equipment
as well as Solvent Extraction Plant (SEP). SEP was closed down in 1995
while Ghee manufacturing was stopped in 1997. All employees of this unit were
laid off by paying GHS/VHS in 1997.
The 19 parties who had submitted EOIs include Al-Hamza Ship Breaking Company,
Karachi, Petrosin Engineering Pvt Ltd, 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, A.A 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.