KARACHI (March 11 2010): Rejecting extension request of American bidder for correction of Standby Letter of Credit (SLBC), the Trading Corporation of Pakistan (TCP) on Wednesday awarded 50,000 tons of sugar import tender to the second lowest bidder, at $649 per ton. Sources said that after four days of opening of the fifth sugar import tender the TCP award tender to the Dubai-based supplier, Sadan General Trading, as the lowest bidder, American Investment Group (AIG), failed to correct the SBLC.

Sources said that SGT had also submitted a defective SBLC for the fifth tender. However, on TCP's objection the supplier deposited cash $0.32 million against the LC. Meanwhile, TCP has issued another sugar import tender for 200,000 tons, which will be opened on Saturday, March 27, 2010 at TCP head office.

Copyright Business Recorder, 2010