The Privatisation Commission Board is scheduled to meet on March 7 to approve the scheme for United Bank Limited (UBL) Global Depository Receipts (GDRs), and some other key transactions, sources told Business Recorder on Tuesday.
They said that the Privatisation Commission would present to the Board the financial and technical evaluation to appoint the financial advisor for UBL GDRs. The financial advisor would assess the international market, besides recommending the size of the GDRs, on the basis of its assessment of the global market.
This would be Pakistan's third GDRs bid. Two GDRs, of OGDC and MCB Bank, fetched overwhelming response from the international investors. The Privatisation Commission conducted financial and technical assessment of the bank and has finalised its report for the Board's consideration.
The Board may also approve the new bidding process for Services Hotel, Lahore, besides reviewing the progress on the proposed initial public offering (IPO) of Pakistan Steel Mills Corporation (PSMC).
Previously, Services Hotel Limited, located at a prime location in Lahore, was presented for bidding some time back and fetched highest bid of Rs 582 million. The Privatisation Commission took the highest bid offer to the Board with a report which suggested that the price offered by the bidder was much below the floor price. So, it should not be accepted, and it may be allowed to cancel the offer and go for re-bidding. The Board upheld the Privatisation Commission's point of view and rejected the offer, with the green signal for reprocessing for the bidding.
Sources said the Board might approve the amended scheme for Services Hotel Lahore and this would be followed by the bidding of the entity before the closing of the current fiscal year.
The officials of the Commission will present before the Board the latest development on the bidding process of Pakistan State Oil (PSO) and some other transactions of the oil and gas sector including SSGC and SNGPL. The Board will also be briefed on NIT sell-off process.
Sources said that the Privatisation Commission is actively engaged in bringing PSO and other half a dozen transactions to the bidding before the closing of the current fiscal year.
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