July 11, 2003	Friday	Jumadi-ul-Awwal 10, 1424

ISLAMABAD, July 10: Saudi Pak Industrial and Agricultural Investment Company (SPIAIC) has expressed keen interest in buying ABL shares.

The company’s board of directors is said to have met in Dubai on Saturday and decided in principle to purchase maximum stakes in ABL.

SPIAIC chief executive Muhammad Rashid Zahir when contacted confirmed that his company had approved the idea of purchasing the remaining shares of ABL.

He said Saudi Pak Investment had all the required expertise, financial capabilities and technical know-how to turn ABL into a profitable bank. In this regard he referred to Saudi Pak Commercial Bank (defunct Prudential Bank), which had been acquired by SPIAIC and is now being run successfully on commercial lines.

The State Bank of Pakistan has formally invited reputed banks and financial institutions to consider buying of the remaining 51 per cent shares of Allied Bank Limited (ABL).

The State Bank is expecting to receive replies and various proposals from banks and financial institutions by next week after which the process of pre-qualification for complete privatization of ABL will be undertaken.