KARACHI: JPMorgan Chase & Co, CLSA and Credit Suisse Group AG are pitching for a role on Pakistan’s biggest privatisation in a decade, expected to raise around $2 billion, according to a Bloomberg report.
Citigroup Inc and Standard Chartered Plc made their own separate proposals, while Lazard Ltd is pitching with Pakistani brokerage Next Capital Ltd.
According to experts privy to the deal, the government’s sale of two LNG-fired power plants could draw interest from Chinese and Middle Eastern investors. Pakistan has received about 10 bids from groups seeking a financial advisory role and expects to pick banks by the end of March.
“The sale will bring in much-needed foreign currency into the country, complementing foreign government loans and a likely IMF bailout package,” said Arif Rafiq, an analyst at the Washington-based Middle East Institute.
The report goes on to say that a representative for the Pakistan’s Privatisation Commission said the government has no comment. Representatives for CICC, Citigroup, CLSA, Credit Suisse, JPMorgan, Standard Chartered, Elixir Securities and Next Capital have also declined to comment. Representatives for Lazard, Bank Alfalah, Pak Brunei and Zeeruk also did not immediately respond to queries.
Published in Dawn, February 15th, 2019