ISLAMABAD: The government will go ahead for selling shares of Habib Bank Limited (HBL) and can generate $1.36 billion as the Cabinet Committee on Privatisation (CCoP) has approved divestment of the bank’s 42 per cent shares in international market.
The CCoP meeting, chaired by Federal Finance Minister Ishaq Dar, has detailed deliberations on the proposed transaction structure for divestment of the government’s shares in Habib Bank Limited (HBL) and the National Power Construction Company.
Privatisation Commission Chairman Mohammad Zubair briefed the meeting about the proposed mechanism for divestment of shares in both the entities.
The government had decided to complete four transactions during year 2014-15 including HBL. The government completed the transactions of Allied Bank of Pakistan in December last year that generated Rs 14.4 billion for the national kitty. The other two transactions that would be completed this year including National Power Construction Corporation and Heavy Electrical Complex by end of June 2015 that would generate Rs2 billion and Rs1 billion respectively.
