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The successful bidder of Kohi Noor Oil Mills (KOML) has deposited the bid
amount of Rs. 80. 715 million within the stipulated timeframe. A sale
agreement signing ceremony will be held on July 24, 2004 (Saturday) at 1245
hrs in the Conference Hall of Privatisation Commission. Dr. Abdul Hafeez
Shaikh Federal Minister for Privatisation & Investment will chair the
ceremony. The highest offer was received in an open bidding held under the
auspices of Privatisation Commission on May 4, 2004. Five parties who
deposited earnest money participated in the open bidding for the privatisation
of Kohinoor Oil Mills Limited (KOML) through the sale of upto 60.41 % shares
(3,16,530 shares) on 'as is where is' basis. The representatives of the print
and the electronic media also witnessed the proceedings.
The bidding started from the floor price of Rs.140/= per share (which was not
the reference price) with a minimum increase of Rs.5/= or its multiple to
raise the bids. The Government offered the sale of 60.41 % (3,16,530) shares
of KOML while remaining shares are with other private individuals and the
institutions.
Five parties who became eligible for participating in the bidding after
submitting earnest money included Petrosin Engineering Pvt Ltd, Islamabad,
Canal Associates, Lahore, Mr. Iqbal Khan of Bara Ghee Mills, Bara, Kohinoor
Sugar Group, Lahore, Kohisar Enterprises, Karachi. Mr. Iqbal Khan was declared
highest bidder who offered Rs. 255/- per share i.e. Rs. 80. 715 million for
the offered shares. Kohinoor Sugar Group Lahore remained second with an offer
of Rs. 215/= per share (Rs.79. 132 million) while Kohisar Enterprises, Karachi
gave a bid of Rs.215/- per share (Rs. 68. 054) and stood third. The highest
offer received for Khoinoor Oil Mills shares was above the reference price.
The successful bidder has already expressed his determination to revive the
unit, which had been closed since 1997. The revival of the Unit would not only
generate economic activity but it would also provide employment opportunities
to the people of the area.