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The Privatisation Commission Board which met here today under the
chairmanship of Dr. Abdul Hafeez Shaikh, Federal Minister for Privatisation &
Investment recommended for approval and declaring the highest bid of Rs. 22.
409 billion offered by Agha Khan Fund for Economic Development (AKFED) as
successful for acquiring 51 % Strategic stake in Habib Bank Limited (HBL), the
country's biggest transaction in the history of Pakistan's privatisation.
Dr. Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment while
addressing the meeting said that the bidding process of HBL would boost
privatisation activity in the country and it would generate tremendous
interest for other upcoming transactions and would further strengthen the
Privatisation Program.
Dr. Abdul Hafeez Shaikh further stated that it was the Government's endeavour
to exercise maximum transparency during the privatisation process of Public
Sector entities and to involve quality players from the private sector by
providing a level playing field to all for improving the services through
professional skills, which would ultimately benefit the consumers.
Mr. Ahmad Waqar, Secretary PC informed the Board that Pakistan's Privatisation
Commission ("PC") had received unprecedented interest from around the world by
receiving 19 Expression of Interest (EOI) by June 30, 2003 for the
privatisation of Habib Bank Limited ("HBL"), from reputed International and
Pakistani parties (participating solely, or as part of a consortium) for
entering the process towards acquiring the indicated shareholding in HBL for a
better competition. Six parties were pre-qualified for entering into the Data
Room opened on September 8, 2003, however, only three parties conducted the
due diligence of the Bank, he informed.
He further informed the Board that the CCOP had approved the transaction
structure and procedure for the privatisation of Habib Bank Limited ("HBL"),
for the intended sale of 51 % Strategic Stake for acquiring the management
control of the Bank by the prospective pre-qualified bidders.
The bidding results of HBL privatisation alongwith PC Board and State Bank of
Pakistan's recommendations would be placed before the Cabinet Committee on
Privatisation, which was scheduled to meet on Wednesday December 31, 2003
under the chairmanship of Mr. Shaukat Aziz Federal Minister for Finance, he
added.
The representative of Ministry of Finance and State Bank of Pakistan were also
present during the meeting.