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The Privatisation Commission (PC) is scheduled to handover to Agha Khan Fund
for Economic Development (AKFED) on Thursday February 26, 2004 in the afternoon at 4 p.m. at Hotel Marriott; Islamabad in
the presence of Dr. Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment and
senior officers of Finance Division, State Bank of Pakistan and Habib Bank Limited.
On December 29, 2003, AKFED gave the highest bid of Rs. 22. 409 billion for acquiring 51 % Strategic stake
and acquiring the management control in Habib Bank Limited (HBL), the country's first ever biggest
transaction in the history of Pakistan's privatisation.
The State of Qatar Supreme Council for Economic Affairs Investment remained runner up with an offer of
Rs. 21. 99375 billion while Central Insurance Company Limited did not turn up for the bidding.
PC Board has given their nod for the highest bid while Cabinet Committee on Privatisation gave approval to
the bid and declared AKRFD as successful bidder.