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Following the approval by the Cabinet Committee on Privatisation (CCOP) the
Letter of Acceptance (LOA) has been issued by the Privatisation Commission to
Aga Khan Fund for Economic Development (AKFED) for the acquisition of 51 %
stake in Habib Bank Limited (HBL) for Rs. 22. 409 billion. HBL transaction is
the country's biggest strategic sale in the history of Pakistan's
privatisation.
The bidding for HBL was held on December 29, 2003 in the presence of large
number of print & electronic media and later PC Board gave its nod for CCOP's
approval.