ISLAMABAD, March 14: The Privatization Commission revised on Thursday the number of Investment Corporation of Pakistan (ICP) Mutual Funds being offered for sale the management rights for 12 of ICP’s funds as a single block rather than six.

The Privatization Commission issued a statement on Wednesday inviting bidders for the management rights for a block of six ICP Mutual Funds, but issued a “corrected” statement on Thursday advertizing the sale of management rights for 12 funds.

The statement said parties interested in buying the management rights of 12 of ICP’s funds as a single purchase should express their interest by April 6.

The Privatization Commission will help qualified parties conduct a due diligence process before they submit their bids.

A total of 40 mutual funds operate in Pakistan, 28 of them run by ICP. Analysts said ICP had total paid up capital of over Rs3bn ($50 million).—Reuters