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Islamabad, September 4, 2002
Privatisation Commission (PC) has invited Expression of Interest from
reputable international and local parties (participating solely or as part of
a consortium) who have an interest in entering the process with a view to
acquiring the management rights of the indicated funds as one lot of
Investment Corporation of Pakistan (ICP) Mutual Funds lot-B which comprises of
13 funds. The Government intends to transfer the management rights for the ICP
Mutual Funds from the Investment Corporation of Pakistan (ICP) to eligible
private sector firms/consortiums.
Privatisation of Lot 'A' ICP Mutual Funds is already under process, while the
management rights of Lot 'B' ICP Mutual Funds are now being offered. This lot
comprises of:
Rs. In Millions/Net Asset value as on August 31, 2002 Fund Capital Net Asset
Value Fund Capital Net Asset
Value
2nd 50 76 14th 50 87
5th 50 89 16th 50 68
6th 50 158 17th 50 89
7th 50 86 18th 50 69
9th 50 180 22nd 200 223
10th 50 110 24th 400 247
13th 50 231
On the receipt of the EOI's, the parties will be provided with a package
containing Request for Statement of Qualification (RSOQ). It is envisaged that
once the parties have been pre-qualified on the bases of the information
provided by them in response to the RSOQ, they will be facilitated in
conducting their due diligence process after which they will enter into a
competitive bid, negotiation and sale process with the PC in accordance with
the privatisation laws of Pakistan.
EOI's should be accompanied by the required non-refundable processing fee and
submitted in writing to the Privatisation Commission at the address given
below. The closing date for the receipt of completed SOQ's is September 28,
2002.
The already pre-qualified parties for Lot 'A' ICP Mutual Funds transaction who
are interested in acquiring the management rights for Lot 'B' ICP Mutual
Funds, need not submit SOQ's but are, however, required to submit fresh EOI's
with the requisite processing fee.