ISLAMABAD, Oct 23: The Privatization Commission is holding open bidding here on Thursday to transfer the management rights of the indicated funds as one lot of Investment Corporation of Pakistan Lot-B Mutual Funds, which comprises 13 funds as one lot.
The bidding is being conducted at the Commission offices under the supervision of Privatisation Minister Altaf M. Saleem in the presence of the representatives of print and electronic media.
The government intends to transfer the management rights for the ICP Lot-B Mutual Funds to eligible private sector firms/ consortiums.
The Privatization Commission had invited expressions of interest (EoIs) on September 4, 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 bases 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 Privatization Commission in accordance with the privatization laws of Pakistan.
The Privatization Commission has already successfully completed the transfer of management rights for Lot-A ICP Mutual Funds transaction.
Meanwhile, the government has decided to exercise the “green shoe option” of offering an additional 5 per cent GoP owned shares in National Bank of Pakistan to accommodate applications for a total of 37,304,000 shares, which have been four times oversubscribed during the recent second offering.
According to the PC, as per the subscription details received from the bankers to the offer, 3,375 applications were received for 7,748,200 shares representing an amount of Rs1,627 million.
The Cabinet Committee on Privatization had decided for the divestiture of 5pc government shareholding held by the State Bank in NBP, which comprises of 18,652,000 ordinary shares through public offer with a green shoe option of additional 5pc shareholding in case of over subscription.
The offer price was Rs21, inclusive of premium of Rs11 per share in addition to share transfer fee of Rs0.15 and Rs0.01 per share in case of shares in physical form or CDC, respectively. Since number of applications received for the shares are less than the number required for balloting i.e. 37,304 (18,652 X 2), hence the balloting was not held.
Accordingly, shares would be allotted on a pro-rata basis, which works out to 0.4579 i.e. per person applied for 2,000 shares.
The share registrar has prepared the refund/pro-rata registers, which were provided to NBP on Oct 18, for onward submission to the bankers to the offer. NBP has sent these refund/ pro-rata registers on Oct 18-19, to the respective bankers to the offer with their refund instructions to give immediate credit to the respective applicants.