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National Assembly Standing Committee on Privatisation is meeting under the
chairmanship of Syed Mohammad Asghar Shah, MNA in the Parliament House, on
Thursday after noon (January 6, 2004) to discuss the privatisation of Allied
Bank Limited.
Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment,
Governor State Bank of Pakistan and Chairman ABL will brief the Committee on
the process of ABL restructuring.
Earlier, on December 23, 2004 while reviewing the status of Allied Bank
Limited, the representative of State Bank of Pakistan, informed the
Committee that the process was not privatisation rather it was restructuring
of the Bank. The Allied Bank Limited was given to Allied Management Group in
the year 1991 through privatisation process at the rate of Rs.70/- per share
for initial offer of 26 % shares and additional offer of 25 % shares on the
same rate. The employees later started selling their shares in 1997 and at one
stage there were only 8 % shares left with the employees and the Bank's equity
got negative. Such circumstances demanded State Bank of Pakistan to intervene
and play its role as regulator. The whole process was advertised and after
fulfilling all the requirements, the management of ABL was transferred to the
successful bidder. The Committee, however, decided to invite Governor State
Bank of Pakistan and Chairman ABL in its next meeting to discuss the
issue in detail.
Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment,
Ex-Officio member, Mr. Umar Ahmad Ghumman Minister of State for Privatisation
& Investment, Members of the Committee MNA's Ms. Fauzia Wahab, Mian Shamim
Haider, Minister for Railways, Engineer M. Shahid Jamil Qureshi,
MOS for Communication, Ch. Haroon Qaiser, Malik Ghulam Murtaza Maitla, Mr.
Ijaz Ahmad Chaudhary, Syed Tasnim Nawaz Gardezi, Ms. Gul-e-Farkhanda, Mrs.
Nayyar Sultana, Dr. Muhammad Farooq Sattar, Dewan Syed Jafar Hussain Bokhari,
Khawaja Mohammad Asif, Qari Muhammad Yousaf, Maulana Asadullah, Mr. Ghulam
Murtaza Satti and Mr. Ghulam Mustafa Shah will attend the meeting.