Asset Sales Department
The Asset Sales Department manages the disposal of Assets within the Asset Management Directorate. This is a Key function in achieving the Corporation’s budgetary targets. The Department specifically manages the disposal of Asset which fall under the following categories:
1. Real estate property which comprise of landed property including but not limited to developed and undeveloped land, commercial and residential properties; and
2. Specialized assets such as vessels, tank farms, jetties, aircrafts, etc.
In line with the Asset Disposal Policy, the following principles guide the Department’s activities in the disposal of Assets:
1. Disposal will be conducted in a commercial and transparent manner
2. Disposal will be conducted in a manner that ensures the realization of the long-term economic value of the asset
3. Disposal will be done in the best interest of the corporation in line with the AMCON act and prevalent law of the land
4. Disposal of assets will be conducted in a manner that preserves the orderly conduct of the market in which the assets are to be sold
There are two primary methods used by the Department in disposal of Assets which are:
1. Advertisement and competitive bidding: This is the default method of asset disposal and involves advertisement for sale of assets in national dailies where interested parties are invited to submit sealed bids after which all bids are opened on a specified date.
2. Private Treaty: This method of disposal is used where AMCON has already advertised the asset for sale or such asset may not be suitable for advertisement due to peculiarities which include but not limited to litigation issues or where the asset poses a high risk of adverse public reaction if disposal is publicized. This method of disposal involves AMCON disposing an asset by directly engaging in interested parties without an advertisement.