ISLAMABAD, Sept 4: The Privatization Commission (PC) on Wednesday invited Expressions of Interest (EoIs) for the sale of management rights of second lot of Investment Corporation of Pakistan (ICP) mutual funds.

The commission, in a statement issued here, said that the divestment of first lot of ICP funds was already under process and the government now intended to transfer the management rights of the second lot from the ICP to eligible private sector firms/consortiums.

The second lot of ICP funds comprises 13 funds — 2nd, 5th, 6th, 7th, 9th, 10th, 13th, 14th, 16th, 17th, 18th, 22nd and 24th — with a total capital value of Rs1,150 million and net asset value of Rs1,713 million, the statement said.

“EoIs should be accompanied by the required non-refundable processing fee and submitted in writing to the Privatization Commission. The closing date for the receipt of completed SOQs is September 28, 2002. The already pre-qualified parties for first lot transaction who are interested in acquiring the management rights for second lot, need not submit SOQs but are, however, required to submit fresh EoIs with the requisite processing fee”, it added.