10 - 16, 2002
PTCL, PSO SELL-OFF BY SEPT
The Privatization Commission Board on Wednesday
decided to complete some of the major transactions including that of
Pakistan Telecommunication Company Limited (PTCL) and Pakistan State
Oil (PSO) by September this year.
According to official sources, the meeting which
was presided over by Minister for Privatization Altaf M. Saleem was
told that by completing various transactions on schedule, the PC would
be able to manage the target of collecting $3 billion before the end
of this year.
The Cabinet Committee on Privatization (CCoP) is
meeting on Thursday under the chairmanship of Finance Minister Shaukat
Aziz to approve various new transactions to be brought in the market
Sources said that the CCoP was also likely to
approve PC Board's recommendations to sell the Al-Haroon Chamber,
Karachi to the highest bidder. However, the CCoP would not be
approving the sale of Faletti's Hotel because of having received less
During the PC Board meeting, an update was given on
UBL transaction by the Financial Advisor Societe Generale & AMZ
Securities. The Board was informed that June 10 had been fixed as the
bidding date for UBL transaction.
The three pre-qualified bidders which include
Consortium of Abu Dhabi Group (UAE) & Bestway Holding Limited (UK)
C/O Bank Alfalah Limited, the Consortium of MCB & Associates and
the Consortium of Union Bank Limited & Associates will take part
in the bidding.
The Board was further informed that the process for
the privatization of HBL had been launched with a kick of meeting and
that transaction was targeted for bidding in September 2002.
The Board meeting was apprised about the current
status and the progress with regard to the privatization of PTCL, PSO,
KESC and OGDCL.
GOLD PRICE TOUCHES RS 6,360
Local gold price maintained its upward move,
touching new peaks at Rs6,360 per 10 grams on Tuesday. The gold on
Monday was sold at Rs6,348 per 10 grams.
The new price of 116.640 gram bar is now being
quoted at Rs74,000 as compared to Rs72,880 on May 22.
International gold prices on Tuesday surged to $329
per ounce, showing a persistent rise due to Middle East crisis
followed by border tension between Pakistan and India.
On May 13, global gold prices were $311 per ounce
and in middle of April it was hovering between $304 and $305 per
KSE TO INVEST RS20M IN NCEL
Karachi Stock Exchange approved an investment of
Rs20 million in the shares of National Commodity Exchange Limited (NCEL)
The investment of Rs20 million, which amounts to 40
per cent of the NCEL's paid-up capital of Rs50 million, was approved
by the members of the KSE at an extraordinary general meeting called
for the purpose.
A statement issued by the exchange stated that the
chairman and the MD-KSE had been authorized to sign appropriate
documents and forms and fulfil requisite legal and corporate
20PC HBL SHARES FOR WORKERS, PUBLIC
The government has decided in principle to offer 10
per cent shares of Habib Bank Limited (HBL) to its employees following
refusal by the international financial institutions to prepare the
bank for privatization.
Official sources told that another chunk of 5 to 10
per cent shares would be offered to the general public in next couple
of months through green shoe option. In this way, a total of up to 20
per cent HBL shares would be transferred to the employees and the
ATTOCK CEMENT TO GO PUBLIC
Attock Cement Limited plans to raise Rs100 million
through an Initial Public Offering (IPO) on June 18. It will be the
second company to go public this year , after the earlier entry of the
oil refinery — Bosicor Pakistan Limited — into the country's
SLCL OKAYS 50PC PREFERENCE SHARES
The members of Security Leasing Corporation Limited
(SLCL) approved the 50 per cent right issue of preference shares at
the company's extraordinary general meeting (ExGM) on May 31, a press
release by the company said.
RS110M OFFERED FOR
The Privatization Commission on Saturday received
the highest bid of Rs110 million for the sale of Al-Haroon Chambers,
Karachi, a property of Republic Motors.
Al-Haroon Chambers and Faletti's hotel of Lahore,
were the two re-estate public assets, which the Privatization
Commission put to hammer on Saturday in an open bidding held in the
presence of Privatization Minister Altaf Saleem.
UNITED BANK TRANSACTION STRUCTURE APPROVED
The Cabinet Committee on Privatization (CCoP) on
Thursday approved the transaction structure for the privatization of
United Bank Limited (UBL).
This will be the first major transaction in the
financial sector being disinvested by the present government. UBL
transaction is being handled by the Financial Adviser Societe General
& AMZ Securities.
According to a PC announcement, the bidding for UBL
will take place on June 10 at the Privatization Commission.