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The prospective investors have given very encouraging response by
expressing interest for the acquisition of minimum of 90% shares of Hazara
Phosphate Fertilizers (Private) Limited (HPFL) together with management
control on ‘as is, where is’ basis. Privatisation Commission (‘PC’) has
received thirteen (13) Expression of Interest (EOI) from interested parties by
due date.
These parties include 1. Afzal Motors (Pvt.) Limited, Rawalpindi, 2. Akbar
Brothers, Multan, 3. Farm Fertilizer (Pvt.) Limited, Lahore / Warble (Pvt.)
Limited, Lahore. (However, both the parties have separately filed EOIs), 4.
Grain Tech (Pvt.) Limited, Lahore, 5. ITHACA Capital (Pvt.) Limited, Karachi,
6. Ittehad Steel Group, Islamabad, 7. Khawaja Bashir Ahmad Group, Multan, 8.
Kissan Chemicals & Fertilizers (Pvt.) Limited, Lahore, 9. National Steel
Re-rolling Mills (Pvt.) Limited, Islamabad, 10. NH Pesticides Group
International, Multan, 11. Niagara Mills (Pvt.) Limited, Faisalabad, 12. Oil
Industries Pakistan (Pvt.) Limited, Karachi and 13. Pak American Fertilizer
Limited, Lahore.
Expression of Interest (EOI) from interested parties have been received along
with a non-refundable processing fee of Rs.100, 000/= (Rupees one hundred
thousand only) for the acquisition of minimum of 90% shares of Hazara
Phosphate Fertilizers (Private) Limited (HPFL) together with management
control on ‘as is, where is’ basis. The parties, which have submitted EoIs are
being sent Request for Statement of Qualification (RSOQ) document for
response, which shall form the basis for pre-qualification. Closing date for
submission of Statement of Qualification (SOQ) is December 22, 2007. Earnest
money for qualification as a bidder shall be Rs.40, 000,000/= (Rupees forty
million) All matters including terms and conditions relating to privatisation
of HPFL shall be communicated to all qualified bidders from time to time prior
to the bid date which shall form the basis for the bid.
The PC had invited EOIs from prospective investors i.e. companies or consortia
engaged in manufacturing or engineering business who can demonstrate the
ability to own and efficiently manage and operate the Company. The plant is
located at Haripur (NWFP) – 75 km from Islamabad. The factory is situated on
57 acres of developed land and includes plant, housing and ancillary
facilities.
National Fertilizer Corporation of Pakistan (Private) Limited (NFC) owns
Hazara Phosphate Fertilizers (Private) Limited. HPFL is a state owned private
limited company, registered under the Companies Ordinance 1984. The authorized
share capital of the company is Rs.200 million divided into 20 million
ordinary shares of Rs.10 each whereas the issued, subscribed and paid up
capital of the company is Rs.191.143 million comprising 19.143 million
ordinary shares of Rs.10 each.
The cost of Golden Hand Shake Scheme (GHS) for permanent workers based on All
Pakistan State Enterprises Workers Action Committee (APSEWAC) agreement and
Voluntary Separation Scheme (VSS) for the permanent executives will be shared
equally between the new buyer and the Privatisation Commission. The bidder
shall bid on the basis of Audited Accounts of June 2007 and may also factor in
the latest un-audited accounts available prior to the bidding.
National Fertilizer Marketing Limited (NFML) is currently carrying out
marketing of the product of HPFL. The Purchaser shall, however, be free to
market the product using its own arrangement. The Government of Pakistan in
order to encourage use of Phosphatic Fertilizers is currently providing a
subsidy of Rs. 204 per bag effective from 1st July 2007. To improve the
profitability of HPFL, Government of Pakistan and Government of NWFP are
endeavoring to make available local phosphate rock as raw material through
enabling environments for the private sector mining companies.