AZGARD-9 deposits remaining bid amount for PAFL

ISLAMABAD: AZGARD-9 & Jahangir Siddiqui Capital Market Ltd Consortium has deposited with the Privatisation Commission the remaining bid amount of Rs 11.732 billion with Rs 153.975 million as markup for the extended time period from June 2, to July 15, at the rate of 11.14 percent per annum – (KIBOR+2.75%) for the privatisation of Pakistan’s first fertilizer manufacturing concern Pak American Fertilizers Limited (PAFL) established in 1959.

A Share Purchase Agreement (SPA) handing over ceremony was held here on Saturday in the presence of Mr. Zahid Hamid federal minister for Privatisation & Investment and Mr. Ali Siddiqui chairman and Mr. Ahmed Sheikh CEO AZGARD-9 authorized representatives of AZGARD-9.

Addressing the participants of the ceremony Mr Hamid said that the successful privatisation of PAFL was a reflection of the government’s continued commitment to the privatisation policy, process and program, the importance and benefits of which have been highlighted recently by President Pervez Musharraf. Privatisation was a cornerstone of the government’s highly succsseful economic reforms, which had been introduced in 1999 by the then finance minister now Prime Minister Mr Shaukat Aziz.

He said it was the first transaction, which has been completed, in the current financial year 2006-07 and this would be followed by a series of other transaction with proper sequencing.

http://www.dailytimes.com.pk/default.asp?p...6-7-2006_pg5_11