Govt realizes all Rs 172,870 mln of 5 divestment proceeds in 3 years

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ISLAMABAD, Feb 2 (APP): No amount is outstanding as the
government has realized full proceeds relating to privatization
transactions of five public sector entities during the past three
years, amounting to Rs172,870.2 million officials sources said.
“The Privatization Commission has completed five (05)
privatization transactions, during the last three (03) years. As
full proceeds relating to the said transactions have been realized,
no amount is outstanding,” the sources said.
The public entities privatized during the past three years
included divestment of 19.8% equity of 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 5% 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, 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 percent 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 percent equity of
Habib Bank Limited (HBL), consisting of 609,317,135 shares, was made
at the cost of Rs168 per share.
The national exchequer earned Rs102.365 from this transaction
which was divested to International and Domestic Institutional
Investors, Multilateral Development Banks/Institutions (MDBIs) and
High Net Worth Individuals (NHWI) through domestic stock exchanges.
Yet another privatization of 88 percent government of
Pakistan’s shares, totaling 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 realized and no amount was outstanding.