ISLAMABAD, July 10: The Privatization Commission on Wednesday recommended nine parties for pre-qualification for the sale and transfer of the Management Rights of Lot ‘A’ of ICP Mutual Funds from Investment Corporation of Pakistan (ICP).

The Commission had received 16 expressions of interest (EoIs) from various local and foreign parties in this regard, said a press release issued by the Privatization Commission here.

The parties, which have been recommended for pre-qualification on the basis of the information provided by them in response to the request for statement of qualification (RSoQ) and completing the required process, include: ABAMCO Limited; Consortium of Arif Habib Securities Limited and Arif Habib Investment Management Limited; Charless Schmitt & Associates Limited (CSA), Hong Kong; Consortium of Pakistan Kuwait Investment Company (Pvt) Ltd. and Al Meezan Investment Management; Javed Omer Vohra & Company Limited; Khadim Ali Shah Bukhari & Co Ltd; National Development Leasing Corporation Limited; Pakistan Industrial Credit & Investment Corporation Ltd (PICIC); and Sulaiman Ahmad Al Hoqani, UAE.

Sufficient period was given to these parties for submitting EoIs and were provided with a package, containing RSoQ.

These parties have also completed their due diligence process. The bidding is being scheduled early next month.

The interested bidders will bid for the whole lot, which comprises of 12 funds.

The successful parties will manage the fund under relevant rules prescribed by the Securities and Exchange Commission of Pakistan. Once this transaction is completed, the management rights of the remaining Mutual Funds of ICP will also be offered for transfer.—APP