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The Privatisation Commission (‘PC’) has invited Expression of Interest (EOI)
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 for the acquisition of minimum
of 90% shares of Pakistan Machine Tool Factory (Pvt.) Ltd. (PMTF) together
with management control on ‘as is, where is’ basis.
Prospective investors interested in joining the process have been to submit an
Expression of Interest (‘EOI’) by December 10, 2007 in duplicate together with
a non-refundable processing fee of US$ 5,000 or PKR 300,000/=. All the
parties, which shall submit EoI would be sent Request for Statement of
Qualification (RSOQ) inviting Statement of Qualification (SOQ) which shall
form the basis of pre-qualification. Closing date for submission of Statement
of Qualification (SOQ) is December 26, 2007.
Pakistan Machine Tool Factory (Private) Limited (PMTF) is a unit of State
Engineering Corporation (Private) Limited (SEC) under the administrative
control of Ministry of Industries, Production & Special Initiatives. PMTF is a
private limited company with 100% shares owned by the Government of Pakistan
(GOP). The factory was established in 1968 under the technical collaboration
with Oerlikon Buhrle of Switzerland with paid-up capital of Rs.291.696
million. It commenced commercial production in 1970 and obtained ISO 9001:2000
certification in 1997/2000.
The Company’s machinery and ancillary facilities to support manufacturing
activities include a variety of conventional and CNC facilities within its
premises, as Forging, Machining (Turning, Milling, Gear Cutting, Gear
Grinding, Broaching, Spline Rolling, Boring, etc), Pressure Die Casting, Heat
Treatment, Surface Treatment, Material Testing, Product Designing, Tool
Designing, Tool Room Shop, Sheet Metal & Welding Shop, CNC Shop, Electronic
Lab., Machine Rebuild Shop & Power Station. PMTF expanded and modernized its
production facilities in 1986 and 2005 to meet the requirements of enhancing
the product-mix in accordance with market demand.
The company is presently engaged in the production of gear transmissions for
tractors and other vehicles, traction gears for locomotives, pressure die cast
components for motorcycles and gas meters, defence products and machine tools.
The existing facilities can be geared to manufacture and assemble motor
vehicles, tractors, motorcycles etc. Alternatively, existing facilities with
suitable adjustments can also be used for manufacturing textile spinning
frames, looms, etc. Its customers include the assemblers of tractors,
motorcycles, cars, trucks, gas meters, government / multinational
organizations, vocational training centers, engineering units and defence
agencies.
The interested parties have been asked to clearly provide the information with
EOI including Name of company, nature of business and other background
information alongwith copies of constitutive documents, Proof of net worth of
Rs.1 billion as per audited financial statements, duly certified by a firm of
Chartered Accountants, for the latest year but not earlier than December 2006,
List of director(s) along with copies of Computerized National Identity Card (CNIC)
and National Tax Number (NTN), Name, Address, Telephone, Mobile, Fax, Email of
the Focal Person to be contacted, Pending, threatened litigation(s) against
the company and the director(s) and in the event of a consortium, the
consortium will be required to provide a consortium agreement identifying the
lead bidder (a company) and setting forth obligation inter-se of consortium
members.
The other conditions interalia include the Purchaser shall provide an
undertaking to continue to operate Company’s manufacturing facility and shall
not in any way abandon, cease to operate or otherwise shutdown the Company’s
existing manufacturing facility / processes, Ten (10) % shares would be
offered to those regular employees of PMTF who do not opt for GHS/VSS at 10%
discount to the bid of the successful bidder’s per share value. Remaining
Shares not purchased by the regular employees shall be purchased by the
Successful Bidder on its bid price, 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.
All matters including terms and conditions relating to privatisation of PMTF
shall be communicated to all qualified bidders from time to time prior to the
bid date which shall form the basis for the bid. Privatisation Commission
reserves the right to accept any bid or reject all or any of the bids at any
stage without assigning any reason therefor. Preliminary information regarding
PMTF is available on the website: www.privatisation.gov.pk. Information
Memorandum, Bid Documents and Time Frame for the Pre-Bid conference and
bidding date will be provided to Pre-qualified parties only. The Government of
Pakistan, Privatization Commission reserves the right not to respond to any
request for preliminary or other information. Documentation accompanying and
comprising an Expression of Interest as provided by any investor or consortium
shall not be reclaimable or returned. This offer is not intended to be, and
should not be construed as: (a) an offer or invitation to acquire any
securities or assets of PMTF; and (b) any representation or warranty, express
or implied, with respect to any statement made herein.