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In case of sale of Government-owned shares in limited companies, the bidder will have to pay 30% of the bid
amount as earnest money. The successful bidder will have to pay the balance 70% of the bid amount within 60
days of the issuance of the Letter of Intent. No rebate will be granted to the buyer in case of sale of shares and no liability of the concerned company will be taken over by the Government. |
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1. In case of sale of enterprises, the bidder will have to pay 2.5% of the bid amount as earnest money. The
successful bidder will have to the pay an additional amount of 32.5% of the bid amount as down
payment within 30 days of the issuance of the Letter of Intent (i,e, 2.5%+32.5%=35%). |
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2. If The buyer fails to pay the 32.5% of the sale price as down payment within the
stipulated 30 days, he may apply in writing to the Chairman of the Commission
for extension of time justifying the reason, on payment of 25% of the amount of
down payment. If the Chairman finds the grounds of the applicant justifiable
and convincing, he may extend the time in favour of the buyer upto 30 days.
While making payment for the rest 75% of the down payment within the extended period, the buyer shall have to pay it along with a simple interest of 9% per annum. |
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3. Failure in payment of the entire down payment within the stipulated period of
30 days or the period extended by the Commission, will result in cancellation of
the Letter of Intent (LOI) and forfeiture of the earnest money along with other deposited money.
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4. The buyer will have to pay the remaining 65% of the sale price (quoted price)
within 3 years in six half yearly installments from the date of signing of the sale
agreement along with an interest at the compound rate of 9% (calculated on
quarterly basis). In that case, the buyer shall have to provide an irrevocable
bank guarantee without recourse from a scheduled bank in Bangladesh. The
buyer shall have to submit the bank guarantee as per prescribed format to be
obtained from the Privatization Commission. The bank guarantee will be encashed if the buyer fails
to pay consecutive instalments.
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5. A rebate of 15% on the total sale price (quoted price) will be granted if the
buyer pays off the 75% of the sale price within 30 days from the issuance of the Letter
of Intent. Similarly, a rebate of 20% on the total sale price (quoted price) will
be allowed if the buyer makes full payment of the amount of sale price at a time
within 30 days from the issuance of the Letter of Intent (LOI).
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6. An additional rebate of 5% on the total sale price will be granted if the buyer
pays off the full price in freely convertible foreign currency.
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7. All payments will have to made into the Privatization Commission's STD
Account No. 004001487 with Janata Bank, Nabab Abdul Gani Road Branch, Dhaka.
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8. If the buyer happens to be an owner of the compensation bonds by virtue of his
share holdings in any state-owned enterprise, he may be allowed to make
payment adjusting the face value of such bonds with the sale price of the
enterprise. However such adjustment will not be allowed in case of making payments
for down payment and the earnest money.
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The Government will take over all long term loans . |
