|
|
|
|
|
The first Pre-Bid Conference for the privatisation of Kohinoor Oil Mills
Limited (KOML) through the sale of upto 51 % shares on 'as is where is' basis,
held here today under the auspices of Privatisation Commission allowed the
interested parties to complete their due diligence of the transaction from
March 28 to April 5, 2004 with necessary assistance from the Ghee Corporation
of Pakistan (GCP). Mr. Mansoor Zubair, Director General PC, chaired the
meeting.
Out of 19 parties who had submitted Expression Of Interest (EOI)s, 16 parties
participated in the first round of the pre-bid meeting for better
understanding of the transaction and the process while PC officials responded
to certain queries of the prospective bidders. It was also decided that the
Date of bidding will be decided in the second round of pre-bid meeting in
consultation with the bidders after the completion of the due diligence
process. The liabilities owed to the Government upto the date of transfer of
this transaction will not be passed on to the successful buyer.
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.