MERGERS & ACQUISITION

S.M. ABBAS ZAIDI, S.KAMAL HAYDER KAZMI,
Research Analyst
, PAGE
Aug 23 - 29, 2010

PRIVATIZED TRANSACTIONS (Rs. million)

UNIT NAME SALE PRICE DATE OF TRANSFER BUYER NAME
BANKING AND FINANCE
United Bank Ltd. (51%) -1549465680 12,350.00 Oct-02 Consortium of Bestway & Abu Dhabi Group
Bank Alfalah (30%)(22,500,000) 620 Dec-02 Abu Dhabi Group
Habib Bank (51%) 22,409.00 Dec-03 Agha Khan Fund for Economic Development
ENERGY SECTOR
Kot Addu (Escrow A/c) 900.7 Apr-02 National Power
SSGC LPG business 369.0 Aug-00 Caltex Oil Pak.(Pvt) Ltd.
SSGC LPG business 142.0 Oct-01 Shell Gas LPG Pakistan
Badin II (Revised) 503.2 Jun-02 BP Pakistan & Occidental Pakistan
Adhi 618.9 May-02 Pakistan Oil Field
Dhurnal 161.0 May-02 Western Acquisition
Ratana 24.6 May-02 Western Acquisition
Badin I 6,433.00 Jun-02 BP Pakistan & Occidental Pakistan
Turkwal 75.6 Jun-02 Attock Oil Company
NRL (51% GOP shares) 16,415.00 May-02 Consortium of Attock Refinery Ltd
KESC (73% GOP shares) 15,859.70 Nov-05 Hassan Associates
TELECOMMUNICATIONS
26% (1.326 billion) B class of shares of PTCL 156,328.40 Jul-05 Etislat-UAE
Carrier Telephone Industries 500.0 Oct-05 Siemens-Pakistan Engineering Co. Ltd.
CEMENT
Associated Cement Rohri 255 Nov-03 National Transport Karachi
Thatta Cement 793 Jan-04 Al-Abbas Group
10% additional shares-Dandot Cement 8.3 Oct-04 EMG
10% additional shares-Kohat Cement 40.7 Oct-04 EMG
Mustehkam Cement  Limited 3,204,.9 Nov-05 Bestway Cement Limited
Javedan Cement Company Limited 4,315.90 Aug-06 Haji Ghani Usman & Group
CHEMICAL
National Petrocarbon (add’l  10% shares) 2.3 Mar-02 Happy Trading
Khuram Chemicals (additional 10%) 6 Oct-03 Pfyzer Pakistan
10% additional shares – Ittehad Chemicals 26.1 Oct-04 EMG
FERTILIZER
Pak Saudi Fertilizers Ltd. 7,335.90 May & Sep-02 Fauji Fertilizers
Pak Saudi Fertilizers Ltd. (10%) 815 Sep-02 Fauji Fertilizers
Pak Arab Fertilizers (Pvt) Ltd. (94.8%) 14,125.60 May-05 Export Reliance- Consortium
Pak American Fertilizers (100%) 15,949.00 Jul-06 Azgard 9
Lyallpur Chemical & Fertilizers 280.2 Dec-06 Al Hamd Chemcial (Pvt) Limited
GHEE
Sh Fazal Rehman(addl- 10% shares) 2.3 May-05 Rose Ghee Mills
Burma Oil 20.1 Jan-00 Home Products Intl
E&M Oil Mills 94 Jul-02 Star Cotton Corp. Ltd.
Maqbool Oil Company Ltd. 27.6 Jul-02 Madina Enterprises
Kohinoor Oil Mills 80.7 May-04 Iqbal Khan
United Industries Limited 7.7 Sep-05 A. Akbar Muggo
TEXTILE
Bolan Textile Mills 128 Oct-05 Sadaf Enterprises
Lasbella Textile Mills 156 Nov-06 Raees Ahmed
MISCELLANEOUS
Al Haroon Building Karachi 110 Sep-02 LG Group
International Advertising (Pvt) Ltd. 5 Apr-05 EMG
TOURISM
Falleti's Hotel Lahore 1,211.0 Jul-04 4B Marketing

FROM  JULY 2008 TO DECEMBER 31, 2009

UNIT NAME SALE PRICE DATE OF TRANSFER BUYER NAME
Hazara Phosphate Fertilizers Limited 1,340.00 8-Nov Pak American Fertilizers

PRIVATIZATION PROGRAMME UNDER PPP MODE OF 23 COMPANIES

SME Bank Limited Pakistan Mineral Development Corporation (PMDC)
National Power Construction Company (NPCC) (51% divestment may be considered) Morafco Industries (Machinery as is where is basis)
Faisalabad Electric supply Company (FESCO) Pakistan Railways
Peshawar Electric supply Company (PESCO) PTDC Motels and Restaurants
Quetta Electric supply Company (QESCO) Utility Store Corporation and stores
Hyderabad  Electric supply Company (HESCO) Pakistan Post
Jamshoro Power Company Limited (JPCL)   On Lease Kot Addu Power Company (KAPCO)
Heavy Electrical Complex (HEC) National Insurance Company
Pakistan Machine Tool Factory Pakistan Reinsurance Company
Printing Corporation of Pakistan Limited State Life Insurance Corporation
Services International Hotel Republic Motors Limited
Sindh Engineering Limited .

KIBOR RATE (18th Aug 2010)

TENOR BID OFFER
1 - Week 12.13 12.63
2 - Week 12.18 12.68
1 - Month 12.26 12.76
3 - Month 12.44 12.69
6 - Month 12.57 12.82
9 - Month 12.62 13.12
1 - Year 12.72 13.22
2 - Year 12.9 13.4
3- Year 13.01 13.51

FOREIGN EXCHANGE RESERVES (MN US$)

END PERIOD TOTAL LIQUID FX RESERVES
2001-02 6,435.6
2002-03 10,769.7
2003-04 12,389.3
2004-05 12,597.6
2005-06 13,122.4
2006-07 15,647.2
2007-08 11,398.7
2008-09 12,425.2
May-10 15,943.7
9-Jul-10 16,626.4