ISLAMABAD, Sept 6: The Privatization Commission here on Friday issued the letter of acceptance (LoA) to the suc-cessful bidder of the United Bank.

The consortium of Abu Dhabi group & Bestway Holdings c/o Bank Alfalah had offered the highest bid of Rs12.35 billion to acquire majority shares of the UBL on Thursday in the second and final round of the open bidding.

“The group has also given its acceptance in writing for acquiring 51 per cent shares of the UBL along with the transfer of management, an official of the PC told Dawn .

According to informed sources, the first highest bidder of the previous bidding — Muslim Commercial Bank group has given up the idea of challenging the deal in any court of law.

President Pervez Musharraf reportedly had held a 20-minute telephonic discussion with the chairman of MCB group Mian Mansha on Wednesday night and persuaded him to attend the ceremony.

“We went there but stayed away from the fresh bidding as we believed it was not legal”, said a source close to the chairman of the MCB group.

He told Dawn that the MCB group now enjoyed the sympathy of the people. “And that is why we have decided to maintain low posture”, he said.