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The Privatisation Commission is all set for an 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, being held on May 04, 2004 (Tuesday)
at 12.00 noon under the supervision of Dr. Abdul Hafeez Shaikh, Federal
Minister for Privatisation & Investment. The representatives of print and
electronic media will also witness the bidding process.
10 prospective bidders participated in the final round of the pre-bid moot
held on April 13, 2004 under the chairmanship of Mr. Salim Gul Secretary PC
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.