Islamabad: June 25, 2015
Pursuant to the recommendations of the Privatization Commission Board and in light of the M/s Deloitte Valuation Report, the Cabinet Committee on the Privatisation (CCoP) approved the sale of HECon March 26, 2015.
In light of the above decision, the LOA was issued to the buyer, i.e. M/s Cargill Holding Limited (CHL) on April 06, 2015, with a condition to make the remaining payment and finalize the Share Purchase Agreement (SPA) within 45 days, i.e. by May 21, 2015. Subsequently, on the request of M/s CHL, the PC Board approved to extend the deadline up to June 19, 2015.
Despite the extension in timeline, M/s CHL has failed to meet the aforesaid obligations and, therefore, in accordance with the terms of the Instructions to the Bidders (ITB) and the LOA, the Privatisation Commission has revoked the LOA dated April 06, 2015 and forfeited the earnest money amounting to Rs 25 million.
The Privatisation Commission is fully committed to ensure the highest standards of integrity and transparency in conducting all its transactions.