ISLAMABAD, June 25: The Privatization Commission has invited Expressions of Interest (EOIs) from the interested parties for disinvesting a minimum of 28 per cent equity stake in Bank Alfalah Limited through an open bidding process.

The PC has asked the parties submitting EoIs that they must also get requisite clearance from the State Bank prior to bidding for the acquisition of equity stake. EoIs should be accompanied by a non-refundable processing fee, which must reach the Privatization Commission by Saturday July 20, 2002.

The parties submitting EOIs will subsequently be provided with an information memorandum and will be invited to attend a pre-bid meeting.

According to PC announcement, Bank Alfalah Limited is one of the fastest growing domestic private banks in Pakistan operating 34 branches nation-wide. The PC reserves the right to change the structure of the divestment methodology and reject any EoI without assigning any reason.

This offer to the general public in respect of the sale of equity stake is made in reliance on Section 62 (5) of the Companies Ordinance, 1984.