3.2 percent National Bank shares to be offered at discount rate

ISLAMABAD (September 11 2003): Privatisation Minister Abdul Hafeez Shaikh on Wednesday said that the government would offer 3.2 percent shares of National Bank of Pakistan (NBP) for sale through Karachi Stock Exchange (KSE) at discounted rate.

However, he added, discount would be less than offered in October last year for the bank's 10 percent shares.

The minister was talking to newsmen after addressing Pakistan Telecom Authority's (PTA) investment conference here.

The Privatisation Commission had offered 9 percent discount on the first instalment of NBP shares on the existing price of last year.

The minister said that divesting of NBP shares would follow sale of 5 percent OGDC shares through the stock markets, but before putting the company on privatisation list it would be listed with the Securities and Exchange Commission of Pakistan (SECP) by October this year.

Other major entities which were in the pipeline for offering of shares through the stocks exchanges included PIA and Sui Southern Gas Company (SSGC).

The minister said he expected proceeds of over Rs 4 billion from the sale of shares of SSGC, OGDC, NBP and PIA.

He said that bids for Hyatt Regency Hotel project would be opened before the Supreme Court on Thursday and it would initiate the process of opening bidding among top three bidders.

The minister told a questioner that privatisation of shares of major entities was a big success and its share in total privatisation proceeds was Rs 7.6 billion.

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