December 21, 2001	Friday	Shawwal 5, 1422

ISLAMABAD, Dec 20: Tariq Iqbal, chairman National Investment Trust Limited (NITL), will make a presentation to Altaf Saleem, Federal Minister for Privatization, on latest situation with regard to offloading of Government of Pakistan 58 per cent shares in NITL.

The minister would be apprised, during the briefing to be held on Monday (Dec 24), at Karachi, of 11 EoIs received so far from international and local parties.

These parties participating solely, or as a part of a consortium, have shown an interest in entering the process towards acquiring 58 per cent Government of Pakistan’s shares in NITL, the Asset Management Company of National Investment (Unit) Trust (“The Fund”). EoIs were invited last month.

The Fund is the largest open-end mutual fund in Pakistan with an approximate volume of Rs18.5 billion. The Fund provides a one window entry into Pakistan’s equity markets as it is invested in approximately 600 of the 730 listed companies at the Karachi Stock Exchange (Guarantee) Limited.

NITL has approximately 66,000 unit holders and over 20 branches across the country. The government through Privatization Commission intends to divest/sell-off its strategic shares in NITL.

It is envisaged that once the selection of qualified potential investors is made on the basis of information provided by them in SOQs, participants in the process shall be provided with additional information on NITL, whereupon the privatization process would commence with a competitive bid, negotiation and sale process in accordance with the privatization law.—APP