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Islamabad, March 20, 2003
After the successful transfer of management rights of ICP's Lot-A & B Mutual
Funds, the Privatisation Commission is all set to hold the bid opening
ceremony under the Chairmanship of Senator Dr. Abdul Hafeez Shaikh Advisor to
the Prime Minister on Privatisation & Investment for the transfer of the
management rights for Investment Corporation of Pakistan (ICP) State
Enterprise Mutual Fund (SEMF) to the eligible private sector firms/
consortiums on March 22, 2003 Saturday at 1030 hrs at PC Committee Room in the
presence of the representatives of the print and electronic media here.
ICP SMEF has a capital of Rs: 840 million and its Net Asset Value as on
October 11, 2002 is Rs: 2667 million. EOIs were invited from reputable
international and local parties (participating solely or as part of a
consortium) having interest in entering the process with a view to acquiring
the management rights of ICP SEMF.
On receipt of EOIs the parties were provided with a package-containing Request
for Statement of Qualification (RSOQ), however, the already pre-qualified
parties for ICP-Lot-A & B Mutual Funds transactions, who expressed their
interest in acquiring the management rights for ICP SEMF were asked not to
submit SOQ's but they were required to submit fresh EOIs with the
non-refundable processing fee.
The parties pre-qualified on the basis of the information provided by them in
response to RSOQ were facilitated in conducting their due diligence process
after which they will now enter into competitive bid and sale process with the
PC in accordance with the privatisation laws of Pakistan.
The four interested parties include ABAMCO Limited, Arif Habib Investment
Management Limited, Consortium of (Pakistan Kuwait Investment Company (Pvt.)
Ltd. / Al-Meezan Investment Management Limited) and Pakistan Industrial Credit
& Investment Corporation Ltd. (PICIC).