ISLAMABAD, Feb 11: The government is expected to finalize on Tuesday a plan for selling a total of around 43 per cent shares of three banks, sources in the finance ministry told Dawn on Monday.

The privatization board will approve plans for the privatization of remaining 8 per cent shares of the Muslim Commercial Bank and initial public offering of 5pc shares of Habib Bank. The board will consider appointment of lead manager for the sale of 30pc shares of Bank Al-Falah.

The three transactions will be completed before June. The board meeting would be presided over by Privatisation Minister Altaf M. Saleem.

Sources said the sale of MCB shares would be completed through open offer and negotiations.

They said that initially 5pc of the HBL shares would be listed on the stock exchange like the recently completed transaction of National Bank.

They said that around 37 million shares of the NBP had been offered to people through public subscription and added that applications for one billion shares had been received. In view of oversubscription, small applicants of 1,000 shares were given preference.

Sources said that the privatization commission had an encouraging experience in the sale of NBP shares and the weaknesses faced during the NBP transaction had also been removed.

The privatization board would also approve inclusion of the Karachi Shipyard Engineering Works in its list besides the appointment of a financial adviser for the sale of Thermal Power Project at Jamshoro.

Under the World Bank covenants the government is required to complete the privatization of two power projects before June.

The government has prepared Jamshoro Power Project and Faisalabad Electric Supply Company for privatization under the first phase of Wapda’s privatization.

The meeting will also consider the privatization of Pak-Saudi Fertilizer Company.