companies, Fauji Fertilizers, Engro Chemical and Dawood Hercules filed bids for thesaid company. Fauji Fertilizers offered Rs 135.85 for each share of the Pak-SaudiCompany, Dawood Hercules offered Rs 70 per share, while Engro Chemical offered Rs66.70 for a share. Seeing a far high difference in the price offered by Fauji Fertilizers, theother two bidders did not take interest in contesting privatization of the said company andwished a good luck for FFC. Announcing price offers by the private sector, Minister for Privatization Altaf Saleem declared the Fauji Fertilizers Company as the highest bidder that intends to buy 100 percent shares.
NATURE OF THE BUSINES
The company is a public company incorporated in Pakistan under the Companies Act,1913, (now the Companies Ordinance, 1984 and its shares are quoted on the stock exchanges in Pakistan. The principal activity of the company is manufacturing, purchasing and marketing of fertilizer, including investment in other fertilizer manufacturing operations.
FFC was incorporated on May 8, 1978.
Based Unit at Goth Machhi commenced commercial production in June 1982with annual designed capacity of 570 thousand tones urea.
Based Unit up-graded in April 1992 to produce 695 thousand tones annually.
Expansion Unit at Goth Machhi commenced commercial production in March1993 with designed capacity of 635 thousand Tonnes.
FJFC founded in November 1993 with initial contribution of Rs. 1 billion. Thecompany’s investment in FJFC now stands at over RS 4 billion.
PSFL acquired on May 31,202 and merged with FFC on July 1,2002. Situated atMirpur Mathelo the plant has annual designed production capacity of 574thousand tones.3