KARACHI: Government of Pakistan has received an offer of more than the US $1.2 billion against its shares in Habib Bank Limited, country’s largest private bank, it is learnt here.
The deal to sell the 41.5 per cent share of government in HBL, likely to be approved tomorrow and it would be the country’s largest privatization deal in the past decade.
HBL was part-privatized in 2003, with the Agha Khan Foundation buying the bulk of the shares. The government’s Privatization Commission recommended divesting the remaining shares earlier this year and offerings were made at stock markets in London, New York, Singapore and Dubai.
“This is an absolutely outstanding response from international investors and it was beyond our expectations,” Mohammad Zubair, Minister for Privatization said.
The government had planned to offer 250 million base shares, with an option of selling 390 million more depending on the response.
