July 2, 2003	Wednesday	Jumadi-ul-Awwal 1, 1424

ISLAMABAD, July 1: Pakistan said on Tuesday that a Qatar government-led consortium had expressed interest in purchasing a stake in state-run Habib Bank, the country’s largest commercial bank.

An expression of interest came from a consortium of Qatar’s Supreme Council for Economic Affairs and Investment and the Qatar National Bank, the Privatization Commission said in a statement.

This followed a meeting in Qatar between Federal Minister for Privatisation and Investment Abdul Hafeez Sheikh and Qatari Minister of Finance Youseef Hussein Kamal.

The Commission statement quoted Kamal as saying that Qatari business groups and companies were keen to take part in Pakistan’s privatisation, a major initiative which also covers oil and gas and telecommunications.

Kamal is also the head of the Qatari government’s Supreme Council for Economic Affairs and Investment.

Habib Bank has 1,425 branches in Pakistan and another 56 branches in 25 countries. The commission plans to sell a controlling stake of at least 26 percent and as much as 51 percent.

In April it said it was seeking new applications from potential bidders because only one remained in the running.

The commission then said in May it had extended the deadline for expressions of interest until June 30 at the request of potential investors and to maximise participation in the bidding.

Foreign or local parties interested in bidding have until July 31 to submit statements of qualification.—Reuters