ISLAMABAD, March 20: The Privatization Commission (PC) is holding on Saturday the bid opening ceremony for the transfer of the management rights for Investment Corporation of Pakistan’s (ICP) State Enterprise Mutual Fund (SEMF) to the eligible private sector firms and consortiums.

Earlier, the Privatization Commission had successfully transferred the management rights of ICP’s Lot-A & B Mutual Funds.

According to PC, ICP SMEF has a capital of Rs840 million and its Net Asset Value as on October 11, 2002 is Rs2.6 billion. EoIs were invited from reputable international and local parties (participating solely or as part of a consortium) having interest in entering the process with a view to acquiring the management rights of ICP SEMF.

On receipt of EoIs the parties were provided with a package containing Request for Statement of Qualification (RSOQ). However, the already pre-qualified parties for ICP-Lot-A & B Mutual Funds transactions, who expressed their interest in acquiring the management rights for ICP SEMF were asked not to submit SOQs but they were required to submit fresh EoIs with the non-refundable processing fee.

The parties pre-qualified on the basis of the information provided by them in response to RSOQ were facilitated in conducting their due diligence process after which they will now enter into competitive bid and sale process with the PC in accordance with the privatization laws of Pakistan.

The four interested parties include ABAMCO Limited, Arif Habib Investment Management Limited, Consortium of (Pakistan Kuwait Investment Company (Pvt) Ltd./Al-Meezan Investment Management Limited) and Pakistan Industrial Credit & Investment Corporation Ltd (PICIC).