"The sale would be made to the highest bidder and TCP will not accept any offer below its landed cost excluding taxes." — File Photo

KARACHI: Trading Corporation of Pakistan (TCP) will off load 250,000 metric tons sugar in the open market in tranches of 50,000 MT each every 10 days through open auction to highest bidders.

According to TCP official here Wednesday, the first tender has been floated today (November 3, 2010) and its bidding will be held on November 6, 8, 10, 12 and 15, 2010 at TCP head office.

The decision has been taken on the instructions of the Ministerial Committee on sugar, after receiving sugar stocks with local mills and dealers and imported stock of TCP and assessing rising trend of sugar prices.

The tenders of 50,000 MT will be opened on every alternate day from 6th November 2010 onwards till 15th November 2010. Each tender will have five bidding dates for the auction of 10,000 MT of sugar each.

Similarly, next tender will be issued within few days for bidding on every alternate day.

The details of tender are available in the tender document which would be available for sale from November 4, 2010 at its Principle Office Karachi and offices at Lahore and Islamabad.

The sale would be made to the highest bidder and TCP will not accept any offer below its landed cost excluding taxes.

The delivery against TCP’s earlier sale of 50,000 MT through two tenders is in progress and 115 successful parties have so far lifted 30,000 MT sugar from TCP godowns and are expected to complete lifting by November 12, 2010.

It may be noted that the corporation has the stock of 345,370 MT sugar in its godowns, after giving supplies to Utility Stores Corporation (USC), CSD, provincial governments and private parties for sale in the open market.

TCP has received about 74,136 metric tons of imported sugar from the suppliers while about 83,000 MT of more sugar will arrive by mid- November 2010.