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The third subscription for Public Offer for highly profitable NBP shares
opened for the general public will be closed after the banking hours on
October 15, 2003 (Wednesday).The Bank has shown exceptional performance during
the half year ended June 30, 2003. The improved performance is adequately
reflected in the pre-tax and after tax profits of Rs. 3.52
billion and 1.93 billion respectively which show a growth of 53.8% and 70.7%
respectively over the same period last year. The capital adequacy ratio was
15.4% on June 30, 2003, among the highest in Pakistani banks. Analyst reports
from various brokerage houses place the Fair Value of the stock between
Rs.54-60 using different valuation techniques. In the past one month, the
stock price has seen a high of Rs. 51.85 which the share may be
able to surpass in the near future in case of a market recovery. The
designated branches of National Bank of Pakistan, Habib Bank Limited, United
BankLimited, Muslim Commercial Bank, Allied Bank Limited,Bank Al Habib
Limited, First Women Bank Limited, PICICCommercial Bank, Habib Bank A.G.
Zurich, Prime Commercial Bank and Union Bank are receiving these applications.
The preference will be given to the smaller applicants of 500 shares. The
Interested individuals/ parties have been invited to submit completed
application form, along with attested copy of national identity card and a
cheque for the required amount, at the designated banks during banking hours
on the subscription dates. The offer price has been fixed at Rs. 46/= per
share. Application forms and offer for sale documents are available through
branches of the above banks, from Elixir Securities and Taseer Hadi
Khalid & Co (co- Lead Mangers), from the Karachi, Lahore and Islamabad Stock
Exchanges and through the Privatisation Commission's web site:
www.privatisation.gov.pk The government is offering 3.2 % (13.13 million)
additional shares of National Bank of Pakistan (NBP) to the public through the
thirdOffer for sale of the Bank's shares.