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Syed Naveed Qamar Federal Minister for Privatisation will witness the
signing of Share Purchase Agreement (SPA) and handing over ceremony of Hazara
Phosphate & Fertilizers (Pvt) Limited (HPFL) tomorrow Friday on November 28,
2008 at Privatisation Commission Secretariat Islamabad at SHARP 11 a.m.
The Privatisation Commission had already received 25 % sale price (i.e. Rs.
335.006 million) for the sale of Hazara Phosphate & Fertilizers Limited (HPFL)
within the stipulated time from the successful bidder Pak American Fertilizers
Limited (PAFL) as per terms of the Letter Of Acceptance (LoA).
Consequent to the approval by the Cabinet Committee on Privatisation (CCOP) on
September 29, 2008 of the highest bid of Rs.70/= per share (Total:
Rs.1,340,024,490/= for 100 % shares) and declaration of Pak American
Fertilizers Limited (PAFL) as the successful bidder, Letter of Acceptance (LoA)
was issued on September 30, 2008.
The Share Purchase Agreement (SPA) shall be signed in accordance with the
standard procedure after receiving final payment of remaining 75 % Rs. 965,018
million of bid price and 50 % share of GHS/VSS of Rs.45.040/- million. The
successful bidders earnest money of Rs.40 million deposited with the PC will
be adjusted at the time of final payment.
Golden Handshake Scheme (GHS) and Voluntary Separation Scheme (VSS) have been
offered to the permanent workers and executives of HPFL.
The Privatisation Commission received the highest offer of Rs.1. 34 billion
(Rs.1, 340,024,490/-) from Pak American Fertilizers Limited at the rate of
Rs.70 per share for 100 % shares during an open bidding held on September 25,
2008 for the sale of minimum of 90% shares of Hazara Phosphate Fertilizers
(Private) Limited (HPFL) together with management control on ‘as is where is’
basis through an open bidding process among the pre-qualified parties