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Pakistan will realize US $ 811 million through the successful international
offering of OGDCL 10% shares on the London Stock Exchange through Global
Depository Receipts (GDR) and proposed retail offering. IPO of Habib Bank
Limited (HBL) and GDRs of United Bank Limited (UBL), National Bank of Pakistan
(NBP) and Kot Addu Power Company (KAPCO) and later HBL will also be offered
with proper sequencing during the next few months and efforts will be
made to complete the same by the end of the current fiscal year. Mr. Zahid
Hamid Federal Minister for Privatisation & Investment stated this while
chairing a meeting of the Board of Privatisation Commission here today.
The PC Board constituted a 'Future Portfolio Committee' headed by the
Minister/ Chairman PC with two other members of the PC Board to formulate
recommendations for processing new transactions from the approved list of the
Council of Common Interests (CCI).
The Board reviewed the NITL, PSO and Jamshoro Power Company transactions,
which are at an advanced stage. It was also informed of the progress regarding
issue of EOIs for Pakistan Machine Tool Factory, Sindh Engineering Limited,
SME Bank, PTDC Motels and Hotels and for appointment of Financial Advisor for
PMDC's coal and salt mines.
The PC Board was also informed that 25 % of the approved bid price of Lyallpur
Chemical & Fertilizers Limited has been received within the specified time.
Lyallpur Chemical fetched Rs.280.2 million highest bid and the buyer has paid
25 % of the total bid amount i.e Rs.70 million while Rs.40 million of the
earnest money is also with PC. The buyer will deposit the remaining
mount before February 20, 2007. The Board also discussed the highest offer of
Rs.850 million received for the sale of the land of Services International
Hotel and recommended to the CCOP that after thorough review of all aspects of
the transaction, fresh EOIs be invited from local and foreign investors.