Re: Pakistan seeks $2bn from privatisations :FT
http://privatisation.gov.pk/wp-content/uploads/HESCO1.jpg
Re: Pakistan seeks $2bn from privatisations :FT
Re: Pakistan seeks $2bn from privatisations :FT
Good! but
Bhai jan, Agr Ishaaq DaR sahib nay apnay Reserves kay chakr maiN eak aur petrol crisis paida kiya tu na govt rahay gee aur nahi yeh projects..
Re: Pakistan seeks $2bn from privatisations :FT
Sell-off: Privatisation Commission approves sale of remaining 41.5% shares in HBL
By Shahbaz Rana
Published: February 5, 2015
http://i1.tribune.com.pk/wp-content/uploads/2015/02/832970-save-1423082566-182-640x480.jpg
The government is also considering selling more than 5% shares of the paid-up capital in the largest bank to a single buyer. ILLUSTRATION: JAMAL KHURSHID
ISLAMABAD: The Privatisation Commission (PC) board has approved a transaction structure under which it will sell 609.3 million shares of Habib Bank Limited (HBL) in return for Rs129 billion.
The government is also considering selling more than 5% shares of the paid-up capital in the largest bank to a single buyer. The board on Wednesday decided to sell the remaining 41.5% of government shares through the book-building process. It abandoned the earlier plan to issue Global Depository Receipts in the London Stock Exchange as the government could not timely meet the regulatory requirements.
http://i1.tribune.com.pk/wp-content/uploads/2015/02/Mohammad-Zubair.jpg
Headed by PC Chairman Mohammad Zubair, the board also authorised the commission to evaluate the bid filed by a single party for hiring a financial adviser after no other party came forward to become the adviser for the sell-off of Pakistan Steel Mills (PSM).
It also cleared three parties that will now bid for the privatisation of Heavy Electric Complex (HEC). The HEC will be the first strategic sale and the government is looking to generate Rs1 billion.
**
Habib Bank**
The PC board approved the transaction structure for HBL, which was proposed by the consortium of financial advisers comprising **Credit Suisse, Deutsche Bank, Arif Habib Limited and Elixir Securities.
**
The transaction structure envisages offering government shares to both international and domestic institutional investors and High Net Worth Individuals (HNWI) through an integrated international book-building exercise.
The shares will be offered through domestic stock exchanges, marketed and sold to international institutional buyers and HNWI through a document in compliance with the regulations of the US Securities Act.
The transaction structure also includes potential placement of a significant component of government’s shares to the multilateral development banks.
A total of 609.3 million shares will be split into two categories. As many as 250 million shares valuing $500 million will be sold as base shares through the book-building process. The remaining 359.3 million shares will be available under a Green Shoe Option to be exercised on the basis of investor demand and potentially for offering to multilateral banks, mainly the IFC.
It is the best market strategy in given circumstances, said Zubair while speaking to The Express Tribune.
The financial advisers also proposed to waive the condition of acquiring not more than 5% of the paid-up capital of HBL. But Zubair said no decision has been taken in this regard and if the need arises, the concession could be requested from the State Bank of Pakistan and the Ministry of Finance.
HBL is the largest bank of the country in terms of assets, deposits and branch network. Its assets are valued at Rs1.74 trillion and customer deposits are estimated at Rs1.42 trillion.
**
**The government is targeting to complete the transaction before the end of next month. **Based on the closing share price of Rs211.53 on February 2, the government is aiming to earn Rs. 129 billion from the deal.
Pakistan Steel Mills**
The PC board also allowed the commission to evaluate the technical and financial bid of the consortium led by Pak China Investment Bank and included Grant Thornton Consulting (Private) Limited, Tyazhpromexport, RIAA Law and AASA Consulting to privatise Pakistan Steel Mills.
The PC received a single bid as no other party came forward to become the financial adviser for carrying out the transaction that according to Zubair is ‘politically sensitive’.
The board took the decision after getting legal opinion given by Aziz Nistar, member of the PC board and senior legal consultant Dr Kabir Sidhu.
The chairman argued in the meeting that companies were reluctant to show interest as financial advisers for PSM privatisation due to its history, especially political implications and Supreme Court’s verdict on its previous privatisation.
**
Heavy Electrical Complex**
The PC board also permitted three parties to take part in the acquisition of 97% government shares in Heavy Electrical Complex. These parties are **Elahi Electronics (Elahi Group of Companies), Fauji Fertilizer Company and Cargill Holdings Limited.
**
Published in The Express Tribune, February 5[SUP]th[/SUP], 2015.
Re: Pakistan seeks $2bn from privatisations :FT
http://privatisation.gov.pk/wp-content/uploads/GEPCO.jpg
Re: Pakistan seeks $2bn from privatisations :FT
This is now getting funny
OK i understand banks and steel mills to be privatized but is there companies buying out DISCOS who do not have generating capacity or capability?
What govt should do is to privatize the bills collection only, and let the money collecting authority have the meter readers and etc under them and shall keep the maintenance and the complete transmission system under govt control as it is.
or Just allow DISCOS to produce at least 60% of electricity they produce…
Re: Pakistan seeks $2bn from privatisations :FT
Also a tip for govt to make Billions,
Privatize the GORs, start with the one at the Mall Road and knowns as GOR-1.. with its prime location it can get govt billions