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January 06, 2007
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Saturday
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Zilhaj 15, 1427
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More GDRs to be completed by June
ISLAMABAD, Jan 5: Pakistan will realize US$811 million through the successful international offering of the OGDCL’s 10 per cent shares on the London Stock Exchange through Global Depository Receipts (GDR) and proposed retail offering.
The IPO of Habib Bank Limited (HBL) and GDRs of United Bank Limited (UBL), National Bank of Pakistan (NBP) and Kot Addu Power Company (KAPCO) and later HBL will also be offered with proper sequencing during the next few months and efforts would be made to complete the same by the end of the current fiscal year.
Zahid Hamid Federal Minister for Privatisation and Investment stated this while chairing a meeting of the Board of Privatisation Commission here on Friday.
The PC Board constituted a future port folio committee, headed by the minister/ chairman of the Privatisation Commission, with two other members of the PC Board, to formulate recommendations for processing new transactions from the approved list of the Council of Common Interests.
The board reviewed the NITL, PSO and Jamshoro Power Company transactions, which are at an advanced stage.
It was also informed of the progress regarding issue of EOIs for
Pakistan Machine Tool Factory, Sindh Engineering Limited, SME Bank, PTDC Motels and Hotels and for appointment of financial advisor for PMDC's coal and salt mines.
The PC Board was also informed that 25 per cent of the approved bid price of Lyallpur Chemical and Fertilizers Limited has been received within the specified time. Lyallpur Chemical fetched Rs280.2 million highest bid and the buyer has paid 25 per cent of the total bid amount i.e. Rs70 million while Rs40 million of the earnest money is also with the PC. The buyer will deposit the remaining amount before Feb 20.
The board also discussed the highest offer of Rs850 million received for the sale of the land of Services International Hotel and recommended to the CCOP that after thorough review of all aspects of the transaction, fresh EOIs be invited from local and foreign investors.—APP
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