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he Privatisation Commission has invited Expressions of Interest ("EOI")
from reputed International and/or Pakistani entities (solely or as part of a
consortium) for the divestment / sale of management rights of the funds under
the management control of NITL, a Unique Opportunity to Acquire Management
Control rights of open-ended mutual funds.
The Privatisation Commission ("PC") intends to split the Fund under management
of the National Investment Trust Limited ("NITL"), the National Investment
(Unit) Trust ("The Fund") into a number of parts and divest /sell the right to
manage the funds. The management of the funds will offer a one window entry
into Pakistan's equity markets as each will be invested in approximately 430
of the 662 listed companies at the Karachi Stock Exchange (Guarantee) Limited.
NIUT today is the largest open-end mutual fund in Pakistan of around Rs. 70
billion with approximately 53,000 unit holders. After the split, each of the
funds will continue to constitute a significant portion of the Mutual Fund
sector in Pakistan.
Key Financial Figures of NITL and NI(U)T are given in the following tables
with all figures in millions: Particulars Jun-00 Jun-01 Jun-02 Jun-03 Jun-04
Jun-05 Unaudited Sep-05 1st Quarter NITL Share Capital 31.7 31.7 31.7 31.7
31.7 63.4 63.4 General Reserve 145.0 163.0 163.0 163.0 163.0 163.0 163.0
Shareholders Equity 182.0 196.5 215.0 405.8 835.3 1,561.0 1,849.7 Operating
Fixed Assets 51.1 46.0 41.8 39.3 39.1 35.0 34.0 Long Term Investment 38.4 63.2
61.4 135.4 679.1 1,329.8 1,778.6 Gross Income 170.1 127.0 161.2 347.6 568.1
638.5 164.5 Profit/(Loss) before taxation 77.0 50.8 65.2 266.1 475.2 571.9
130.7 Breakup value per Share (Rs) 574 593 679 1,281 2,637 2,464 2,919 NIUT
Profit/ Loss-NIUT 1,896 1,430 1,926 2,878 4,262 5,683 5,829
Earnings per Unit(paisas) 109 82 122 187 263 355 366 Dividend per Unit(paisas)
55 120 120 175 255 330 -
Value of net funds
under management 18,648 16,062 17,414 31,629 49,508 61,002 69,910 NAV/Unit
(Ex-Div) 10.69 9.16 10.89 20.58 30.53 38.12 43.63 The PC has asked the
interested entities to submit their EOIs along-with a Bank Draft of US$ 425/-
(or PKR. 25,500/-) favoring Privatisation Commission, Government of Pakistan
as non-refundable processing fee by 22 December 2005. Those who have earlier
submitted a formal EOI for the privatisation of NITL are not required to
resubmit fresh fee but are requested to reaffirm their interest. PC shall
commence dispatch of the Request for Statement of Qualification (RSOQs) to the
prospective bidders by 28th November 2005. However, the last date for
submission of Statements of Qualification is 23rd January 2006.