September 13, 2002	Friday	Rajab 5, 1423

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ISLAMABAD, Sept 12: The Privatisation Commission on Thursday finalized the payment schedule for Rs12.35 billion total sale price to extend 51 per cent shares of the UBL to the consortium of Abu Dhabi and Bestway groups.

The amount will be received in two instalments. The first part of the payment may be received by Friday (Sept 13).

According to the commission, as the new buyer of the UBL had included 85 per cent foreign component in the offer, therefore 85 per cent proceeds would be received in foreign exchange and would be treated as the Foreign Direct Investment (FDI). And the remaining 15 per cent would be paid in rupee.

The first instalment, therefore, will comprise two components — $90,188,320 and Rs944,411,765 — corresponding to the 26 per cent shares of the UBL’s total equity out of 51 per cent shares sold.

The second instalment will comprise $86,719,538 and Rs908,088,235 corresponding to 25 per cent of the government’s share in the bank.

The Abu Dhabi group and Bestway group each have a 50 per cent stake in the consortium formed for the acquisition of the UBL.