December 13, 2002	Friday	Shawwal 8, 1423

ISLAMABAD, Dec 12: The Privatization Commission will hold Transaction Closing ceremony in respect of ICP Lot-’B’ Mutual Funds and Bank Alfalah Ltd on Friday whose management rights were sold to private sector in October.

Dr Abdul Hafeez Shaikh will preside over the proceedings.

The PC had received bids from eight parties in response to its invitation to Expression of Interest last September. It had received highest bid of Rs302.5 million for the management rights of Investment Corporation of Pakistan’s Lot-B Mutual Funds from PICIC.

Disinvestment of these mutual funds, a PC source stated, would open up opportunities for the transfer of NITL transaction and State Enterprise Mutual Fund (SEMF) of the ICP.

The commission had already successfully completed the transfer of management rights for Lot ‘A’ ICP Mutual Funds transaction. Both the transactions amounted to a total of Rs922.6 million privatization proceeds.

PC had received the highest bid of Rs27.56 per share against the floor price of Rs26.56 per share for the remaining 28 per cent shares (21 million) from Abu Dhabi Group (UAE). They had acquired Alfalah (former Habib Credit & Exchange Bank) in 1997 through open bidding.

Remaining 2 per cent shares were reserved for employees and, in case, they do not take up, the new buyer would have to pick up the same. Total proceeds for this transaction are Rs620.1 million.