ISLAMABAD, Nov 5: Privatization Commission signed here on Monday share purchase agreements with three successful bidders for the 14 million government shares (6 per cent) in Muslim Commercial Bank (MCB), and realized Rs364 million.

It is the second such divestment of the government’s shares in the MCB this year. Divestment of total 12.5 per cent shares in the MCB has earned nearly Rs930 million to the government.

“The government still holds 9 per cent equity in MCB, which will also be off-loaded at an appropriate time,” said the Federal Minister for Privatisation, Altaf M. Saleem, while speaking at the transaction closing ceremony of MCB.

The three bidders in Monday’s sale were MCB Employees Pension Fund: purchased 12 million shares, Raza Mansha: one million shares and Ibrahim Agencies (Pvt.) Ltd: one million shares. The transaction was closed after obtaining the approval of Cabinet Committee on Privatization (CCOP).

Speaking about the privatization of banks, the minister stated that the MCB was a success story of privatization. The government was firmly committed to the privatization of banking sector.

He said five per cent shares of National Bank of Pakistan were being offered to the general public through the stock exchanges during the current month. Expressions of Interest (EoIs) had also been invited for the divestment of GoP’s remaining 49 per cent equity stake in Allied Bank of Pakistan, he said.

The minister said that privatization process of the UBL was at an advanced stage, and privatization of Habib Bank was targeted for the year 2002.

The representatives of the successful parties and senior official attended the signing ceremony.