ISLAMABAD, June 6: The Privatization Commission has offered for sale the 58 per cent shares and management control of the National Investment Trust Limited (NITL), directly or indirectly owned by the government.

In an official statement, the PC has invited the reputed international and Pakistani entities or consortia to submit their expressions of interest (EOI) by August 7, 2003.

Potential investors would be immediately provided with statements of qualification (SOQs) documents on the basis of which they would be short-listed and included in the competitive bid, negotiation and the sale process.

NITL is an asset management company of National Investment (Unit) Trust. It is the largest open-end mutual fund in Pakistan with a Rs18 billion size.

The fund is invested in approximately 600 of the 780 listed companies at the Karachi Stock Exchange (Guarantee) Limited, with 66,000 units holders and over 20 branches across the country.

The share capital of the fund is Rs31.68 million. Its general reserves have increased from Rs100 million in June 1999 to Rs163 million in June 2002 while shareholders equity has increased from Rs133 million to Rs215 million.

Operating fixed assets of the company have substantially decreased from Rs57.356 million in June 1999 to Rs41.83 million but its long term investment has increased from Rs38.4 million in 1999 to Rs61 million at present.

Gross income of the company has decreased from Rs170 million in June 2000 to Rs161 million in June 2002. Similarly, the profit before-tax has decreased from Rs77 million in June 2000 to Rs65 million in June 2002.

The PC statement said those who have already submitted their EOIs need not resubmit fresh fee but are required to reaffirm their interest.