KARACHI (February 20 2004): The Trading Corporation of Pakistan (TCP) on Thursday auctioned 3,400 tonnes of beef packer tallow and fetched over Rs 98 million as its
price.

The TCP had issued an auction notice on February 12 for the auction of this tallow under Pakistan FFP programme from USA. The auction was held at its head office.

Tallow processing and soap industries duly registered under Sales Tax and commercial importers participated in the auction. A quantity of 8,000 tonnes of beef packer tallow
was offered .Of this, 3,400 tonnes were sold in the auction at a price of Rs 29,005 against reserve price of Rs 29,000 PMT exclusive of sales tax.

The total sale proceeds of 3,400 tonnes of beef packer tallow sold amounted to Rs 98,617,000.

The sale proceeds will be utilised for the poverty reduction programme in Pakistan. Other auction of beef packer tallow will be held next week in Lahore, according to the
TCP.

Courtesy Business Recorder