AZGARD-9, the successful bidder, has deposited 25 percent of the first installment amounting to Rs4.027 billion to the Privatization Commission (PC) for the planned auction of Pak American Fertilizers Ltd (PAFL).
The rest of the amount is expected to be paid within 60 days after the Letter of Acceptance (LoA) has been issued.
AZGARD-9 and Jehangir Siddiqui Securities Consortium is the second highest bidder with offer of Rs16.11 billion at the rate of Rs537 per share.
AZGARD is a leading value-added textile exporter for vertical, spinning, weaving and garments with expected sales of Rs7 billion this year and aims to become a $300 million global fashion apparel company by 2007.
PAFL, the first fertilizer manufacturing firm set up in 1959, is located at Iskanderabad and produces over 1050 metric tons of urea per day.
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