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The Cabinet Committee on Privatisation (CCOP) approved the highest bid
received from Attock Oil Group by Privatisation Commission ("PC") of Rs.16.
415 billion for National Refinery Limited ("NRL" or the "Company") sell off.
The CCOP met under the chairmanship of Prime Minister Mr. Shaukat Aziz here
this morning.
Earlier, the Board of the PC in its meeting held under the chairmanship of Dr.
Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment had
recommended the highest offer for approval of Cabinet Committee on
Privatisation (CCOP).
The bidding was held on May 31, 2005 for the sale of 51% (33,985,788 shares)
equity stake in National Refinery Limited ("NRL" or the "Company"), together
with management control, to a qualified strategic investor on 'as is, where
is' basis under the Chairmanship of Dr. Abdul Hafeez Shaikh, Federal Minister
for Privatisation & Investment.
Three pre-qualified bidders 1. Attock Oil Group, 2. Crescent Steel and Allied
Products and Shakarganj Mills Limited and 3. Fauji Foundation Consortium by
depositing earnest money of Rs.300 million each within the stipulated period
became eligible for bidding. Attock Oil Group made highest bid with an offer
of Rs.483/- per share with a total bid offer of Rs.16. 415 billion followed by
Crescent Steel and Allied Products and Shakarganj Mills Limited for Rs.260/-
per share and Fauji Foundation Consortium for Rs.197/- per share.
Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment,
Ministers for Commerce, Industries, Production & Special Initiatives, Labour &
Manpower, Textile, Water & Power, Advisor to the PM on Finance and Revenue,
Governor State Bank of Pakistan Deputy Chairman Planning Commission, Chairman
Board of Investment and other senior officials of the ministries concerned
attended the meeting.