The authorised representative of Attock Oil Group of companies, Shuaib A Malik, on Tuesday handed over here a pay order worth Rs 4,103,783,901 as first installment (25 percent) of the total offer of Rs 16.415 billion, to Dr Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment, for the strategic sale of National Refinery Limited.
The bidding for NRL privatisation was held on May 31, 2005, and Privatisation Commission (PC) Board recommended the offer for approval of Cabinet Committee on Privatisation (CCoP), which approved on June 7, 2005 the sale of 51 percent (33,985,788 shares) equity stake in National Refinery Limited ('NRL' or the 'Company'), together with transfer of management control to the Attock Oil Group.
As per sale agreement the buyer will deposit the remaining 75 percent amount within 60 days after issuance of letter of acceptance. The Attock Oil Group can make the final payment of Rs 12.011 billion (adjusted for Rs 300 million earnest money already submitted by it) by August 6, 2005. However, the Group has indicated that it would make the payment during July, 2005.
Three pre-qualified bidders. 1. Attock Oil Group, 2. Crescent Steel and Allied Products and Shakarganj Mills Limited and 3. Fauji Foundation Consortium had become eligible for bidding after depositing Rs 300 million each as earnest money by the due date.
The Attock Oil Group submitted the highest bid with an offer of Rs 483 per share and total bid value of Rs 16.415 billion. Crescent Steel and Allied Products and Shakarganj Mills Limited were second ranked bidder with an offer of Rs 260 per share with a total bid value of Rs 8.836 billion while Fauji Foundation Consortium was the third ranked bidder with an offer of Rs 197 per share and a total bid value of Rs 6.695 billion.-PR
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