Islamabad: April 11, 2015 

PR No. 107

The Cabinet Committee on Privatization in its meeting chaired by Finance Minister, Ishaq Dar here on Saturday approved strike price of Rs. 168/-per share for divestment of 609 million GoP residual shares in HBL as recommended by the Privatization Commission Board.

The Chairman Privatization Commission, Mohammad Zubair informed the Finance Minister that the transaction received overwhelming response in financial markets all over the world. It was the largest ever equity offering out of Pakistan, largest ever equity offering in Asian Frontier markets as well as in Pakistan which fetched total demand of 1.6 billion dollars. Zubair added that 1.02 billion $ have been accepted with Foreign Exchange component of 764 million USD and PKR 24,567 million.

Finance Minister Ishaq Dar congratulated Chairman PC, Mohammad Zubair, his team and advisors on their hard work to make the HBL transaction a complete success. He added that the tremendous response at home and abroad, including offering by IFC and CDC, spoke volumes of the confidence that the international financial institutions had in Pakistan’s economic standing brought about by concerted economic reforms by the PML-N Government.

Minister for Information, Pervaiz Rashid, Minister for P&NR, Shahid Khaqan Abbasy, Advisor Finance Division, Rana Assad Amin, Chairman Privatization Commission Mohammad Zubair Secretary Privatisation Commission, Ahmed Nawaz Sukhera and other senior officials attended the meeting.