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The government is committed to the transparent process of privatization,
continuity in the economic policies, strengthening, broadening and deepening
of the capital market.
Mr. Ahmad Waqar, Secretary Privatisation Commission stated this while
addressing the presentation to Karachi Stock Exchange (KSE) members for the
third offer for sale of 3.2 % shares of National Bank of Pakistan (NBP) here
today.
He hoped that the third offer for sale of NBP shares, targeted next week,
would also be over subscribed as witnessed in the earlier two offers. PC was
also focusing on more Initial Public Offering (IPO) and Public Offering (PO)
of the public sector entities being listed in future, he said.
Mr. Ahmad Waqar added that KSE remained the main supporter in the success of
PC Program. The NBP share were being offered on discounted rates, the CCOP had
interalia decided that the offering price for 3.2 % shares of the bank being
offered to the general public on best effort basis, be fixed at 5 % discount
to the prevailing market price, he informed.
The market price of bank's share as on September 23, 2003 was Rs. 48. 50. The
final offer price was fixed at Rs. 46/= by allowing a 5 % discount to Rs. 48.
50 and rounding off to the nearest Rupee value. The break-up value of the
bank's share as at June 30, 2003 is Rs. 51/ 52, excluding surplus on
revaluation of fixed assets but including surplus on revaluation of
investment. Based on profitable operations, the bank announced a 12. 5 % cash
dividend and 10 % bonus shares on May 13, 2003, which relate to the financial
year, ended December 31, 2002.
All Pakistani residents, Provident Funds/ Trust, Pension/ Gratuity Funds,
(subject to the terms of their trust deeds), and corporate entities (to the
extent permitted by their constitutive or corporate documents, as the case may
be) are allowed to subscribe to the shares offered to the general public.
According to the clause (110) of part-1 of second schedule of income tax
ordinanace, 2001, capital gains derived from the sale listed securities
are not liable to income tax at present. The exemption is currently available
up to tax year ending June 30, 2005.
The President NBP S. Ali Raza gave an over view of the Banks performance and
future plans and detailed the success stories and achievements through
financial performance. The PC Consultant Syed Faiz Jalal and the Lead Manager
Elixir Securities Pakistan (Pvt) Ltd and Taseer Hadi Khalid and Co, Chartered
Accountants also highlighted the salient features of the transaction. The KSE
members largely attended the presentation.