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The Cabinet Committee on Privatisation (CCOP) which met here today under
the chairmanship of Prime Minister Mr. Shaukat Aziz approved the privatisation
process of Pakistan Steel Mills Corporation and its bidding today i.e. March
31, 2006. The Privatisation Commission was also authorized to issue Letter of
Acceptance (LOA) to the successful bidder.
The CCOP approved the proposal of the Privatisation Commission to cancel the
Letter of Acceptance (LOA) of M/s Ibrahim Fiber who had failed to fulfill the
obligations for purchase of Pak American Fertilizers Ltd (PAFL). The CCOP also
directed the Privatisation Commission to initiate necessary legal and
administrative actions as provided in the bidding documents.
The CCOP also approved to offer Letter of Acceptance (LOA) in favour of the
second highest bidder i.e. AZGARD-9 & Jehangir Siddiqui Securities Consortium
for the strategic sale of Pak American Fertilizers Ltd (PAFL) at their offer
of Rs.16.11 billion at the rate of Rs.537 per share.
The CCOP also approved the process of appointment of Lead Manager for
placement of Global Depository Receipts (GDR) of Oil & Gas Development Company
Limited (OGDCL).