ISLAMABAD, July 5: Referring to an offer from Tessori Group for UBL privatization, appearing in a section of the press on Friday, a spokesman of Privatization Commission has termed it as “non-serious and based on ignorance of the privatization process.”

The spokesman said that any offer at this stage and without going into the essential formalities of pre-qualification, conducting due diligence of the bank could not be taken seriously.

Any serious bidder always bids for the transaction after going through a detailed study / analyses and comprehensive due diligence, which was not possible without following due process prescribed by the PC, he said.

An off the cuff offer by some one without undertaking and going through the process including determination of qualification/competence to run a bank could not be taken seriously.

It was also unjustified to demand any re-bidding of UBL at a stage when other important phases had to be finalized in accordance with the bid documents, the spokesman stated.

In case Tessori Group are desirous of acquiring a bank, they are most welcome to put in an EOI for Habib Bank Limited and go through the prescribed process. The last date for receiving EOI/SOQ for HBL is July 31, 2002, the spokesman concluded. —APP