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PAKISTAN GOVT SELLS OFF HABIB BANK FOR $US391MLN.
ISLAMABAD, Jan 1 Asia Pulse - The Pakistan government has sold a controlling stake in the country's second-largest commercial bank - Habib Bank Limited (HBL) to the Aga Khan Fund for Economic Development (AKFED) for Rs22.409 billion ($US391.4 million).
The AKFED submitted the highest bid of Rs22.409 billion to take over a 51 per cent strategic stake, along with management control of HBL.
The bank has consumed around Rs22.5 billion of the national kitty since 1999 in an effort to turn around its balance sheet.
Although the reserve price of the bank fixed by the cabinet committee on privatization (CCOP) was not disclosed, the privatization minister and secretary termed it a successful bid, because it met a minimum price target.
The Supreme Council for Economic Affairs and Investment (SCEAI) of the State of Qatar offered a rival bid of Rs21.993,750 billion, which is around Rs415.250 million lower than the highest bid.
With this transaction, 80 per cent of Pakistan's banking sector has now gone to the private sector.
This was the largest single privatization transaction in the history of Pakistan, said Privatization Secretary Ahmad Waqar.
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Source: HighBeam Research, PAKISTAN GOVT SELLS OFF HABIB BANK FOR $US391MLN.