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A meeting of the Board of Privatisation Commission was held under the
chairmanship of Mr. Zahid Hamid Federal Minister for Privatisation &
Investment here today.
The PC Board reviewed the progress and status of the privatisation process of
Pakistan State Oil (PSO), Initial Public Offering (IPO) of Habib Bank Limited
(HBL), Global Depository Receipts (GDR) of United Bank Limited (UBL) and other
upcoming transactions.
The PC Board was informed that the top-ranked party for appointment as Lead
Manager for HBL IPO is Global Securities Pakistan Limited. The top-ranked
parties for appointment as Financial Advisor for the UBL GDR transaction is
Consortium of Merrill Lynch and KASB and for Roosevelt Hotel transaction is
Consortium of Citi Group and Cushman & Wakefield. The PC Board decided that
all these parties be asked to finalize necessary documentation in this regard.
The Board approved prequalification of parties for the privatisation of
National Investment Trust Limited (NITL) and Heavy Electrical Complex (HEC)
and approved the transaction structure for the privatisation of Pakistan
Tourism Development Corporation (PTDC) Motels and Restaurants.
Regarding the privatisation of PSO, it was decided that the Privatisation
Commission/ Transaction Committee should consider all the latest developments
and relevant available information and submit its detailed report for decision
of the Board.
The PC board also discussed the matter of the Initial Public Offering (IPO) of
Pakistan Steel Mills Corporation (PSMC), and decided that PC may initiate the
proposal for appointment of Lead Manager for the transaction, who would submit
recommendations regarding the transaction structure, including size and
timings.
Apart from Members of the Board of the Privatisation Commission, senior
officials of the respective Ministries and departments attended the meeting.