KARACHI: The Trading Corporation of Pakistan (TCP) will sell 250,000 tons of sugar in the open market, according to a press release issued by the corporation on Wednesday.
A ministerial committee on sugar, constituted by the Economic Coordination Committee (ECC), has instructed the TCP to sell 250,000 tons of sugar “in lots of 50,000 tons each, every 10 days through open auction to the highest bidder.”
“The first tender of 50,000 tons will be floated on November 6,” TCP spokesperson Khizar Hayat told The Express Tribune. Tenders will be issued every alternate day until November 15 and the minimum quantity for each tender will be 1,000 tons.
He explained that the documents containing the terms of eligibility for the tenders will be available at TCP offices in Karachi, Lahore and Islamabad from November 4.
“The sale will be made to the highest bidder and we will not accept any offer below the landed cost excluding taxes.”
The TCP had earlier carried out similar auctions on October 6 and October 8 to offload 50,000 tons of the sweetener in the market. “Delivery against the earlier sale is in progress and 115 successful parties have so far lifted 30,000 tons from TCP warehouses,” said a TCP official.
Officials say the lifting of previously sold stocks is expected to be completed by November 12.
Published in The Express Tribune, November 4th, 2010.