ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) has given approval for divestment of Habib Bank Limited (HBL). The approval is about the shares of HBL in international market, which would generate over $1 billion for the national kitty.
CCoP approved the transaction structure proposal for HBL transaction (Sale of GoP shares in HBL). Sources informed that government is expecting to generate $1 billion by divesting its residual 42 percent in HBL. With the consensus of the house, the Finance Minister gave instructions for further discussions on NPCC proposal at the CCoP meeting.
The meeting was chaired by Finance Minister Senator Ishaq Dar who gave detailed deliberations on the proposed transaction structure for divestment of GoP shares in Habib Bank Limited (HBL) and the National Power Construction Company.
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Chairman Privatisation Commission Mohammad Zubair briefed the meeting about the proposed mechanism for divestment of GoP shares in HBL and NPCC. The Finance Minister observed that all out efforts should be made for securing best price for HBL shares as it was a prime financial institution of the country having significant international standing.
