ISLAMABAD, Oct 17: The second offering of government of Pakistan’s 5 per cent additional shares in National Bank of Pakistan (NBP) was four times oversubscribed to Rs1.628 billion.
The initial public offering of 5-10pc shares undertaken by the Privatization Commission in November 2001 was six times oversubscribed.
The subscription for the second offering of 5 per cent (18,652,000) Government of Pakistan shares in National Bank of Pakistan (NBP) to the general public was opened from October 7, 2002 to October 9, 2002. This offer was made to the general public on best effort basis at a fixed price of Rs21 per share. The market price of NBP shares as at September 23, 2002 was Rs22.90.
The break-up value of the Bank shares as at June 30, 2002 was Rs33.62 excluding surplus on revaluation of fixed assets.
The subscription for the second offering of 5 per cent NBP shares has received overwhelming response and the final figures has shown subscriptions for 72 million shares against the target of 18.65 million shares. The subscription list would soon be finalized on pro-rata basis and excess amount would be refunded to the applicants accordingly.
The OFSD was published in the national dailies, which included information regarding approval and clearance, share capital and related matters, commission, brokerage and other expenses, history and prospects, financial highlights, management and related matters and the instructions regarding application and transfer. Elixir Securities and THK (Taseer Hadi Khalid KPMG) are the Lead Manager for this transaction.
Meanwhile, the Privatization Commission (PC) is holding open bidding to transfer the management rights of the indicated funds as one lot of Investment Corporation of Pakistan (ICP) lot-B Mutual Funds, which comprises of 13 funds as one lot. The date for bidding has been scheduled for October 24, 2002.
The Government intends to transfer the management rights for the ICP Lot-B Mutual Funds from the Investment Corporation of Pakistan (ICP) to eligible private sector firms/consortiums. PC had invited Expressions of Interest on September 4, 2002 and eight parties expressed their interest. The Lot B ICP Mutual Funds include the following:
Fund Capital Fund Capital
2nd 50 14th 50
5th 50 16th 50
6th 50 17th 50
7th 50 18th 50
9th 50 22nd 200
10th 50 24th 400
13th 50
On the receipt of the EOIs, the parties were provided with a package, containing Request for Statement of Qualification (RSOQ). The parties have been pre-qualified on the basis of the information provided by them in response to the RSOQ and they have also been facilitated in conducting their due-diligence process after which they will now enter into a competitive bid, negotiation and sale process with the PC in accordance with the privatization laws of Pakistan. PC has already successfully completed the transfer of management rights for Lot A ICP Mutual Funds transaction.