The Cabinet Committee on Privatisation in its meeting chaired by Finance Minister Ishaq Dar here on Tuesday unanimously approved the floor price for divestment of GoP shares in ABL at the rate of Rs 105/- per share. The Privatisation Commission Board, it may be added here, met earlier yesterday and considered the ABL pricing benchmarks as presented by the LM & BR and recommended a floor price of Rs 105 per share to the CCOP which translates into a discount of Rs 9.69 per share to the closing price of Rs 113.69 on December 9, 2014, ie, at a discount of approx 7.6% to the closing price of December 9, 2014.
The 'Strike price', ie price of ABL share determined/discovered on the basis of book-building, and at which price ABL shares will be offered to successful bidders, will be determined after the completion of the Book-building exercise on Thursday December 11, 2014 at 1900 Hours and the same will be presented to the PC Board for consideration and approval. The decision/recommendations of the PC Board will subsequently be presented before the CCOP for consideration/approval.
Among others, Ministers for Information & Broadcasting, Pervaiz Rashid, Commerce, Khurram Dastgir, Petroleum and Natural Resources, Shahid Khaqan Abbasi, Chairman Privatisation Commission, Muhammad Zubair, Secretary Finance, Dr Waqar Masood and Advisor Finance Division, Rana Asad Amin attended the meeting.
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