Government of Pakistan
Ministry of Finance, Revenue, Economic Affairs, Statistics and Privatisation
(Privatisation Commission)
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Subject:          EVALUATION REPORT FOR PROCUREMENT OF FINANCIAL ADVISORY SERVICES FOR THE DIVESTMENT OF UP TO 5% GOP SHARES OF PPL THROUGH DOMESTIC OFFERING

Privatisation Commission, vide its advertisement dated March 12, 2014, invited Expressions of Interest (EOI) for the appointment of Lead Manager(s) & Book Runner(s) (LM&BR) for domestic offering of up to 5% Government of Pakistan (GOP) shares in Pakistan Petroleum Limited (PPL) from the Interested Parties, having demonstrable track record of successfully managing similar capital market offerings. Following four consortia expressed their interest and submitted Technical and Financial Proposals by the due date of April 16, 2014:

S. No. Consortium/Interested Parties (IPs)
Allied Bank Limited, KASB, AKD Securities, Elixir Securities
Habib Bank Ltd, Bank Alfalah Ltd, Arif Habib Ltd, Foundation Securities Pvt. Ltd, BMA Capital Management Ltd
UBL, MCB, Burj Capital, Taurus Securities Ltd, Topline Securities
JS Bank, Faysal Bank, JS Global Capital, Next Capital, Askari Bank

2.         Above mentioned Interested Parties (IPs) were evaluated on the basis of pre-defined and approved technical evaluation criteria and PC (Hiring of Financial Advisors) Regulations 2007read with relevant provisions of Procurement of Consultancy Services Regulations-2010 pertaining to Quality & Cost Based Selection. Following IPs obtained 70 points or above in technical evaluation and were deemed pre-qualified:

 

S. No. Consortium/ Interested Parties (IPs)
Habib Bank Ltd, Bank Alfalah Ltd, Arif Habib Ltd, Foundation Securities Pvt. Ltd, BMA Capital Management Ltd
Allied Bank Limited, KASB, AKD Securities, Elixir Securities
UBL, MCB, Burj Capital, Taurus Securities Ltd, Topline Securities

3.         Subsequently, Financial Bids of pre-qualified Interested Parties were opened on April 21, 2014 by the Secretary (Privatisation Commission) in the presence of the authorized representatives of Interested Parties. Summary of the cumulative final score based on technical and financial evaluation is tabulated below:

S.No. Consortium / Interested Party Final Score Ranking
Habib Bank Ltd, Bank Alfalah Ltd, Arif Habib Ltd, Foundation Securities Pvt. Ltd, BMA Capital Management Ltd 100 1
Allied Bank Limited, KASB, AKD Securities, Elixir Securities 82.36 2
UBL, MCB, Burj Capital, Taurus Securities Ltd, Topline Securities 69.66 3

4.         Foregoing in view, PC Board in its meeting held on Apr 22, 2014 approved the appointment of top ranked IP i.e. consortium of Habib Bank Ltd, Bank Alfalah Ltd, Arif Habib Ltd, Foundation Securities Pvt. Ltd, BMA Capital Management Ltd.