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On the receipt of full payment Rs.280.20 million from Al-Hamd Chemicals (Pvt)
Ltd Lahore, the successful buyer for the purchase of minimum of 100% shares at
the rate of Rs.280.20 per share of Lyallpur Chemicals & Fertilizers Limited (LCFL)
a share purchase agreement was signed under the chairmanship of Mr. Zahid
Hamid Federal Minister for Privatisation & Investment here today.
The buyer had already deposited earnest money of Rs. 40,000,000/= and 25 % of
the bid amount i.e. Rs.70,050,000/= and on payment of remaining amount of
Rs.170,150,000/= the SPA was signed today and the unit handed over to the new
owner.
Mr. Zahid Hamid Federal Minister for Privatisation & Investment said that the
privatisation of public sector entities would continue in an open, fair and
transparent manner by providing level playing field to all the eligible and
quality players, which would not only encourage the private sector to come
forward to improve the quality of production and efficiency with modern
technology but would also generate employment opportunities through expansion
in the entities and their operations.
While talking to the media the highest bidder Chairman of Al-Hamd Chemicals (Pvt)
Ltd Mr. Iftikhar Nazir Chaudhry said that their group would expand the
operations of LCFL to enhance production and benefit the agriculture sector of
the country, and would also look after the workers of the unit.
LCFL produces Powdered Single Super Phosphate (SSP) and Zinc Sulphate. The
Sulphuric Acid required for the production of both SSP and Zinc Sulphate is
also produced within the unit. The plant was rehabilitated and re-commissioned
in May 1999. The unit production capacity include Single Super Phosphate
(Powdered) 72,000 Metric Ton Per Annum, Sulphuric Acid 30,000 Metric Ton Per
Annum and Zinc Sulphate1, 500 Metric Ton Per Annum. The marketing of the
products is carried out by NFC’s subsidiary company, National Fertilizer
Marketing Limited (NFML).
Lyallpur Chemicals & Fertilizers Limited (LCFL) was an asset of National
Fertilizer Corporation of Pakistan Limited (NFC) which is an unlisted public
company registered under the Companies Ordinance 1984. The authorized, issued
and paid up capital of the company is Rs. Ten (10) million with one (1)
million shares of Rs. 10/- each.
PC had invited Expressions of Interest (EOI) from prospective investors
(fertilizers companies, industrial companies and groups, consortium of
investors who could demonstrate their ability to efficiently manage and
operate the company located at Jaranwala.