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Islamabad, September 21, 2002
Privatisation Commission Board has recommended for approval of the Cabinet
Committee on Privatisation (CCOP) the highest offers received for 28 % equity
stake in Bank Alfalah and Investment Corporation of Pakistan (ICP) Mutual
Fund-LOT-A in a meeting, which met under the Chairmanship of Federal Minister
for Privatisation Mr. Altaf M. Saleem here today. The bidding of three
transactions conducted earlier to the Board meeting received the highest bid
of Rs. 27.56 per share against the floor price of Rs. 26.56 per share for the
entire remaining 30 % shares (22.5 million) making a total of Rs. 620.1
million offer by Abu Dhabi Group UAE, who acquired Bank Alfalah (former Habib
Credit & Exchange Bank) in 1997 through an open bidding. The other party Javed
Omer Vohra & Co attended the bidding but gave no offer. PC had received four
EOIs from interested parties for the divestment of a minimum of 28% Equity
Stake in Bank
Alfalah Limited through a Block Sale to the general public through an open
bidding process. The buyer will also pay for 2 % shares allocated for the
employees. In case, employees do not buy these shares, PC would reimburse the
amount received on that account to the highest bidder.
Sealed bids for Investment Corporation of Pakistan Mutual Fund-lot-A were
received, which were opened by the representatives of print and electronic
media. The bid received were: ( I ) . ABAMCO Limited, Rs. 175 million (II).
Consortium of Arif Habib Securities Limited and Arif Habib Investment
Management Limited, Rs. 125.1 million (III). Charless Schmitt & Associates
Limited (CSA), Hong Kong, Rs. 63 million (IV) Consortium of Pakistan Kuwait
Investment Company (Pvt.) Ltd. and Al Meezan Investment Management, Rs. 102.01
million (V) Pakistan Industrial Credit & Investment Corporation Ltd. (PICIC)
Rs. 162.5 million. Sulaiman Ahmad Al Hoqani from UAE, though deposited the
earnest money didn't turn up for the bidding. The three highest bidders i.e.
ABAMCO Limited, Arif Habib Investment Management and PICIC were asked to raise
their bids in the second phase of open bidding round but all the three
declared that they have given their final offer. Therefore, ABAMCO Limited was
declared the highest bidder.
For the sale and transfer of the Management Rights of lot 'A' of ICP Mutual
Funds of Investment Corporation of Pakistan (ICP), Privatisation Commission
had recommended nine parties for pre-qualification for the sale and transfer
of the Management Rights of lot 'A' of ICP Mutual Funds. Privatisation
Commission had received sixteen Expressions of Interest from local and foreign
Fund Managers. The successful bidder will manage the Fund under the rules
prescribed by the
Securities Exchange Commission of Pakistan. Bidding was also held for the
acquisition of 75 % Govt. owned share of Lyallpur Chemical & Fertilizers
Limited (LC&FL) and 25 % shares of a private company which authorised PC to
sell them. The bidding opened with Rs. 120/- per share floor price for 100 %
shares with a minimum increase of Rupee one per share but could not proceed
further as the participating two bidders did not make any bid. Chanar Sugar
Mills Ltd Lahore and Sitara Chemical Group of Industries, Faisalabad insisted
to substantially reduce the floor price. This was not acceptable to PC. As
such the bidding process was cancelled. PC Board reviewed the
implementation status of various transactions, which included Pakistan State
Oil, OGDCL, HBL, POL, NITL and offering of additional shares of NBP. A road
show for National Bank of Pakistan's shares offer for sale has been planned at
Karachi Stock Exchange on September 24, 2002. PC Board members and senior
officials of the respective Ministries attended the meeting.