ISLAMABAD, June 11: A meeting of the Board of Privatisation Commission held here Monday under the chairmanship of Zahid Hamid, Federal Minister for Privatisation and Investment, finalised recommendations for the Cabinet Committee on Privatisation regarding the initial public offering of Habib Bank Limited (HBL) and the listing of United Bank Limited (UBL) shares on the London Stock Exchange (LSE) through Global Depository Receipts (GDR).

The Lead Manger for HBL IPO transaction made a presentation before the PC Board, which finalised its recommendations for approval of the CCOP keeping in view the basic objective of the government to benefit the common citizen of Pakistan under the ‘Privatisation for the People’ programme, by providing broad-based ownership.

The PC Board also formulated its recommendations regarding the UBL GDR transaction in which book building is expected to be completed by June 22. The CCOP meeting is scheduled on Tuesday.

The PC Board also took various decisions relating to Pakistan State Oil (PSO), National Power Construction Company (NPCC) and Jamshoro Power Company (JPC) transactions.

A pre-bid meeting of pre-qualified potential bidders for PSO is scheduled for June 20 to respond to the queries of the pre-qualified bidders who have already completed the due diligence of the transaction and to finalise the bidding date in consultation with them.

The meeting was informed that the Privatisation Commission was all set to hold bidding for Hazara Phosphate and Fertilisers Limited (HPFL) on June 18.—Online