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The Privatisation Commission (PC) is holding bidding for the privatisation/
sale of 94. 8 % shares of Pakarab Fertilizers (Pvt) Limited (PFL) on May 14,
2005 ( Saturday) at 1030 hrs (sharp) at PC Conference room in the presence of
the representatives of the print and electronic media, under the supervision
of Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment.
It is the country's largest unit in the manufacturing sector. Four parties
have submitted Earnest Money of Rs. 150 Million each alongwith the required
documents, which included 1. Consortium of atima Group, 2. Dawood Hercules
Chemical Limited, 3.Consortium of Nishat Chunian and Umar Fabrics and 4. Al-Ghurair
Investment L.L.C.
PAFL is 52 % GoP owned private limited company (through National Fertilizers
Corporation) located at Khenawal Road, Multan in the province of Punjab.
International Petroleum Investment Company of UAE (IPIC) owns the balance 48%
shares with a paid- p capital of Rs.743.061 million.. PAFL is a large
fertilizer complex in Pakistan engaged in the manufacture of Calcium Ammonium
Nitrate (CAN), Nitro Phosphate (NP) commonly known as compound
fertilizer, besides Ammonia, Nitric Acid and Urea. PFL was established as a
result of protocol between the Government of Pakistan and State of Abu Dhabi.
The company was incorporated in 1973.
Eight parties were Pre-Qualified for the due diligence of PFL, which
included Consortium of Fatima Group, Dawood Hercules Chemical Limited,
Consortium of Nishat Chunian and Umar Fabrics, EMG (conditionally
pre-qualified), Al-Ghurair Investment L.L.C., Husnain Cotex Limited,
Consortium of Jahangir Siddiqui Capital Markets (Pvt.) Ltd & Jahangir Siddiqui
Investment Bank Limited and Consortium of Haji Ghani Usman Group
(conditionally pre-qualified). PC received 11 EOIs for PFL. Today was the last
day for the submission of earnest money for becoming eligible to participate
in the bidding.
PFL is the largest fertilizer complex in Pakistan and the only factory
producing Calcium Ammonium Nitrate (CAN) and Nitro- Phosphate (NP) commonly
known as compound fertilizer. Raw materials for manufacture of the fertilizers
are natural gas supplied by Sui Northern Gas Pipelines Limited through its
transmission network and rock phosphate imported form Jordan/Moroco. The
project is located at Khanewal Road, Multan. The site area comprises 302
(301.47) acres, which includes area for the factory and the housing colony.
The company owns this land area.