|
|
|
|
|
In continuation of its "Privatisation for the People" program, the
Privatisation Commission is set to offer 10% (51.8 million) shares of United
Bank Limited ('UBL') (with a green shoe option of additional 5% shares) for
the benefit of 388,500 citizens. The offer is being made to the general public
through the Karachi, Lahore and Islamabad Stock Exchanges at the rate of
Rs.50/- per share. With a view to benefiting a larger cross section of the
general public, only 200 shares per applicant are being offered requiring a
total investment of Rs.10,000/- only, as approved by the Cabinet Committee on
Privatisation (CCOP) yesterday, announced Dr. Abdul Hafeez Shaikh, Federal
Minister for Privatisation & Investment here today.
Dr. Abdul Hafeez Shaikh advised the Pakistani citizens, both, resident as well
as overseas, to get their Computerized National Identity Cards (CNIC)
and open their Bank and CDC accounts to avoid any inconvenience while
submitting their applications. The Bankers to the offer have been issued
instructions to guide and facilitate the applicants in this regard, he said.
In a press statement issued here today, the Minister for Privatisation &
Investment said that efforts were underway to initiate subscription for the
Initial Public Offering (IPO) of United Bank Limited (UBL), being targeted
from June 02, 2005 and this would continue for four working days during
banking hours.
Clearance of the Offer for Sale of shares is expected from the Karachi,
Lahore and Islamabad Stock during the current week following which approval of
the Securities & Exchange Commission will be sought. Presentations will be
held in a number of cities and towns to inform the general public of the
investment opportunity.
Dr. Shaikh hoped that the large quantity of 77,700,000 shares being offered
would add to the liquid share float in the market and add significantly to the
investor base. It would also add to the total market capitalization thereby
increasing the size of the market, he added. UBL, the third largest banks in
Pakistan, was privatized in October 2002 through a strategic sale in which 51%
(264.18 million) shares were transferred along with management control. 25.5%
(132.09 million) shares each were acquired by the Abu Dhabi Group and
the Bestway Group for a total price of Rs.12.3 billion. The Government
currently holds 49% of UBL's total 518 million issued shares. Dr. Hafeez
Shaikh further stated that 'Privatisation for the People' program would
continue with proper sequencing to benefit the common citizens, as done
earlier in the public offerings of OGDCL, PPL, NBP, SSGC and KAPCO.
He said that after approval of CCOP, the Letter of Acceptance (LOA) to the
successful bidder for Pakarab Fertilizers Limited (PFL) has been issued
today and the buyer would make 25 % payment out of the bid price of Rs.14.
125 billion within 14 days from today while remaining 75 % payment would be
made by the successful Consortium within 60 days from today.
PC Board recommended for approval of Cabinet Committee on Privatisation (CCOP),
the highest offer of Rs.14.125 billion for the privatisation/ sale of
74,306,100 shares of Pakarab Fertilizers (Pvt) Limited (PAFL) received from
Consortium Fatima Group with its lead bidder Reliance Export on Saturday.
PAFL is 52 % GoP owned private limited company (through National Fertilizers
Corporation) located at Khenawal Road, Multan in the province of Punjab.
International Petroleum Investment Company of UAE (IPIC) owns the balance 48%
shares with a paid-up capital of Rs.743.061 million.. PAFL is a large
fertilizer complex in Pakistan engaged in the manufacture of Calcium Ammonium
Nitrate (CAN), Nitro Phosphate (NP) commonly known as compound fertilizer,
besides Ammonia, Nitric Acid and Urea. PFL was established as a result
of protocol between the Government of Pakistan and State of Abu Dhabi. The
company was incorporated in 1973.