Low Graphics Site
White bar
Daily SectionMarker

Misc SectionMarker

Horoscope Recipes Weekly SectionMarker

Weekly SectionMarker

Pakistan's Internet Magazine
Herald
Dawn GroupMarker

Archive, Search, Feedback & HelpMarker

Dawn Classified



FrontPage National International Local Business KSE Forex Sports Editorial Opinion Letters Features Today's Cartoon TV Guide Cowasjee Ayaz Irfan Hussain Review Dawn Magazine Young World Images Dawn Group Subscription To Advertise

DINA
Previous Story DAWN - the Internet Edition Next Story


September 7, 2002 Saturday Jamadi-us-Saani28,1423

DAWN.com
Please Visit our Sponsor (Ads open in separate window)



LoA issued to UBL’s buyer



By Our Staff Reporter


ISLAMABAD, Sept 6: The Privatization Commission here on Friday issued the letter of acceptance (LoA) to the suc-cessful bidder of the United Bank.

The consortium of Abu Dhabi group & Bestway Holdings c/o Bank Alfalah had offered the highest bid of Rs12.35 billion to acquire majority shares of the UBL on Thursday in the second and final round of the open bidding.

“The group has also given its acceptance in writing for acquiring 51 per cent shares of the UBL along with the transfer of management, an official of the PC told Dawn .

According to informed sources, the first highest bidder of the previous bidding — Muslim Commercial Bank group has given up the idea of challenging the deal in any court of law.

President Pervez Musharraf reportedly had held a 20-minute telephonic discussion with the chairman of MCB group Mian Mansha on Wednesday night and persuaded him to attend the ceremony.

“We went there but stayed away from the fresh bidding as we believed it was not legal”, said a source close to the chairman of the MCB group.

He told Dawn that the MCB group now enjoyed the sympathy of the people. “And that is why we have decided to maintain low posture”, he said.






Previous Story Top of Page Next Story

Seprater
Contributions
Privacy Policy
© DAWN Group of Newspapers, 2005