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The Privatisation Commission has 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) of
the highest bid of Rs.70/= per share (Total: Rs.1,340,024,490/=) and
declaration of Pak American Fertilizers Limited (PAFL) as the successful
bidder, LoA was issued on September 30, 2008.
The Share Purchase Agreement (SPA) shall be signed in accordance with the
standard procedure on the date of receiving final payment of remaining 75 % of
bid price and 50 % share of GHS/VSS of Rs.45.040/- within sixty (60) days of
the issuance of LoA, which comes to November 27, 2008. 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.