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Islamabad, July 10, 2002
Privatisation Commission has recommended nine parties for pre-qualification for the sale and transfer of the Management Rights of lot 'A' of ICP Mutual Funds from Investment Corporation of Pakistan (ICP). Privatisation Commission had received sixteen Expressions of Interest from various local and foreign parties in this regard.
These parties, which have been recommended for pre-qualification on the basis of the information provided by them in response to the RSOQ and completing the required process, include 1. ABAMCO Limited, 2. Consortium of Arif Habib Securities Limited and Arif Habib Investment Management Limited, 3. Charless Schmitt & Associates Limited (CSA), Hong Kong, 4. Consortium of Pakistan Kuwait Investment Company (Pvt.) Ltd. and Al Meezan Investment Management, 5. Javed Omer Vohra & Company Limited, 6. Khadim Ali Shah Bukhari & Co. Ltd., 7. National Development Leasing Corporation Limited, 8. Pakistan Industrial Credit & Investment Corporation Ltd. (PICIC) and 9. Sulaiman Ahmad Al Hoqani, UAE.
Sufficient period was given to these parties for submitting EOIs. These Parties were provided with a package, containing Request for Statement of Qualification (RSOQ). These parties have also completed their due diligence process. The bidding is being scheduled early next month.
Enthusiastic response was witnessed during a presentation, organized by Privatisation Commission to market the divestment of management rights of ICP Mutual Funds at Karachi Stock Exchange, Karachi in April this year. The interested bidders will bid for the whole lot, which comprises of 12 funds. The successful parties will manage the fund under relevant rules prescribed by the Securities Exchange Commission of Pakistan. Once this transaction is complete the management rights of the remaining Mutual Funds of ICP will also be offered for transfer.