26 February 2004	Thursday	05 Muharram 1425

ISLAMABAD, Feb 25: The Privatization Commission (PC) is scheduled to hand over Habib Bank to Aga Khan Fund for Economic Development (AKFED) on Thursday. Besides Dr Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment and senior officers of Finance Division, State Bank and Habib Bank Limited will be present on the occasion.

On December 29, AKFED gave the highest bid of Rs22.409 billion for acquiring 51pc strategic stake and acquiring the management control in Habib Bank Limited (HBL), the first ever biggest transaction in the history of Pakistan's privatization.

The State of Qatar Supreme Council for Economic Affairs Investment remained runner up with an offer of Rs21.99375 billion while Central Insurance Company Limited did not turn up for the bidding.

PC Board has given their nod for the highest bid while Cabinet Committee on Privatisation gave approval to the bid and declared AKFED as successful bidder. -APP