KARACHI (January 23 2004): Trading Corporation of Pakistan (TCP) on Thursday accepted the lowest bids of two sugar mills at a rate of Rs 14,100 per tonne and asked other bidders to match the accepted price.

TCP Chairman Masood Alam Rizvi said 38 sugar mills from Punjab and Sindh participated the bidding held at the Corporation's head office on Thursday. Of these, M/s Pangrio Sugar Mills and M/s Mirza Sugar Mills quoted the lowest price for 2000 tonnes each.

"We have accepted the lowest bids and asked other mills to match this price and intimate their replies by 3 pm on January 26, 2004", he said.

Rizvi said the remaining 36 mills have quoted a price ranging between Rs 14,140 to Rs 16,300 per tonne. The offered quantity of 38 mills totalled at 248,500 tonnes, he added.

TCP has meanwhile extended the deadline for submission of certificates regarding start of crushing of sugarcane and clearance of growers dues till February 6, 2004.

This decision was taken at a pre-bid meeting between TCP and sugar mills held on January 19, 2004. However, if the sugar mills fail to submit the required certificates from Cane Commissioner, the TCP will not procure sugar from them.

TCP has also allowed sugar mills to stack sugar in lots upto 1,500 tonnes instead of 1,200 tonnes.

The TCP will also pay 100 percent of the value of procured sugar instead of 95 percent on submission of required documents to the Corporation.

The TCP has conveyed these decisions to Pakistan Sugar Mills Association as well as those sugar mills who attended the pre-bid meeting.

Courtesy Business Recorder