No amount is outstanding as the government has realised full proceeds relating to privatisation transactions of five public sector entities during the past three years, amounting to Rs172,870.2 million, officials sources said. “The Privatisation Commission has completed five privatisation transactions during the last three years.
As full proceeds relating to the said transactions have been realised, no amount is outstanding,” the sources said. The public entities privatised during the past three years included divestment of 19.8 per cent equity of the United Bank Limited (UBL), official data revealed adding that as per this divestment, as many as 214,921,931 shares were divested at the cost of Rs158 per share, taking the amount to Rs38,224 million.
The shares were sold to International and Domestic Institutional Investors and High Net Worth Individuals (NHWI) through domestic stock exchanges.
The government also divested up to 5pc government of Pakistan’s shares in Pakistan Petroleum Limited (PPL). According to the transactions, about 70.05 million shares were divested at the rate of Rs 219 per share, taking the total amount of the transaction to Rs15,342 million. The shares were sold to Domestic Institutional Investors and High Net Worth Individuals (NHWI) through domestic stock exchanges. Another divestment of 11.46 per cent equity of Allied Bank Limited (ABL), of 131,275,073 shares was made at Rs110 per share, earning as many as Rs14,440 million for the national exchequer. The equity was bought by Domestic Institutional Investors and High Net Worth Individuals (NHWI) through domestic stock exchanges.
In addition, another divestment of 41.5 per cent equity of Habib Bank Limited (HBL), consisting of 609,317,135 shares, was made at the cost of Rs168 per share.
Yet another privatisation of 88 percent government of Pakistan’s shares, totalling to 1,760,000 shares in National Power Construction Corporation (NPCC) was completed in favour of Mansoor Al Mosaid Company, Kingdom of Saudi Arabia, at the cost of Rs1,420, per share bringing the total transaction to Rs2,499.2 million. According to the sources, full proceeds relating to these transactions have been realised and no amount was outstanding.
