ISLAMABAD, Oct 11: A management rights transfer agreement was signed here on Friday between the Privatization Commission, ICP and the successful bidder, ABAMCO Limited, for the transfer of management rights of Investment Corporation of Pakistan Lot ‘A’ Mutual Funds.

Privatization Minister Altaf M. Saleem, who was present on the occasion, termed the completion of transaction as very significant.

He said that it would pave the way for the other two lots of ICP Mutual Funds and provide a good environment for NITL’s privatization. He said that Privatization Commission’s policy to directly divest minority shares of listed SOEs in the stock market by means of CDC generated a lot of activity in the stock market, which had increased market’s depth. The Privatization Commission has received total payment of Rs175 million through the sale of ICP Lot ‘A’ transaction.

Referring to the recent secondary offering of National Bank of Pakistan’s 5 per cent shares to the general public which was closed a day before the general elections, the minister said that subscription for the second offering of 5 per cent (18,652,000) NBP shares had received overwhelming response and unofficial figures had shown subscriptions amounted to over Rs1 billion against the target of Rs370 million. Once the final figures become available, the subscription list would be finalized either by balloting or pro-rata basis.