October 10, 2002	Thursday	Sha’aban 3, 1423

ISLAMABAD, Oct 9: The Privatization Commission is holding ‘transaction closing ceremony’ for the transfer of management rights of Investment Corporation of Pakistan Mutual Fund Lot-A here on Friday.

Privatization Minister Altaf M. Saleem will chair the ceremony at the offices of the Privatization Commission.

According to Privatization Commission, sealed bids for ICP Mutual Fund Lot-A were received, and opened by the representatives of print and electronic media last month. The bids received were: (I) ABAMCO Limited, Rs175 million; (II) Consortium of Arif Habib Securities Limited and Arif Habib Investment Management Limited, Rs125.1 million; (III) Charles Schmitt & Associates Limited (CSA), Hong Kong, Rs63 million; (IV) Consortium of Pakistan Kuwait Investment Company (Pvt) Ltd and Al Meezan Investment Management, Rs102.01 million; and (V) Pakistan Industrial Credit & Investment Corporation Ltd (PICIC), Rs162.5 million.

The three highest bidders — ABAMCO Limited, Arif Habib Investment Management and PICIC — were asked to raise their bids in the second phase of open bidding round, but all the three declared that they have given their final offers. Therefore, ABAMCO Limited was declared the successful bidder.

The Cabinet Committee on Privatization (CCoP) and SECP had already given approval for this transaction.

For the sale and transfer of the management rights of Lot ‘A’ of ICP Mutual Funds, the Privatization Commission had recommended nine parties for pre-qualification.

The Privatization Commission had received 16 EoIs from local and foreign fund managers. The successful bidder will manage the Fund under the rules prescribed by the SECP.