ISLAMABAD: Privatization Commission (PC) has appointed a consortium of National Bank of Pakistan, Habib Bank Limited, Arif Habib Limited and Foundation Securities Limited as lead manager/book runners for Pakistan Petroleum Limited (PPL) Secondary Public Offering (SPO).
A statement issued by the Commission here Friday said that PC had received EOIs from three consortia included National Bank of Pakistan Habib Bank Limited, Arif Habib Limited and Foundation Securities (Pvt.) Limited.
Besides the Commission has also received EOI,s from Allied Bank Limited, KASB Bank, KASB Securities, AKD Securities Limited, United Bank Limited, Global Securities, NIB Bank Limited and BMA Capital,it added.
The Commission based on stringent selection criteria has appointed a consortium comprising of NBP, HBL, AHL and Foundation Securities (Pvt.) Limited (exclusive partner of Macquarie Capital) as Lead Managers and Book Runners for the Secondary Public Offering of Pakistan Petroleum Limited (PPL).
This is a landmark deal under which the consortium has been tasked to divest approximately 2.5 percent of the government share holding in PPL via domestic stock exchanges.
The consortium assured Privatization Commission that the transaction will be completed within the anticipated time frame.
Analysts widely view PPL's secondary offering as an important step to re-initiate the privatization programme, bringing Pakistan back on local and international investors radar and set guidelines for privatization of other state owned entities.
PPL offering also signifies the government's efforts to systematically reduce its share holding in State Owned Enterprises (SOE's) and empower professional management and common people to manage, own and benefit from these assets.
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