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 GOP RESIDUAL SHARES IN UBL

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 the divestment of Government of Pakistan (GOP) residual shares in United Bank Limited (UBL) from the Interested Parties, having demonstrable track record of successfully managing similar capital market offerings. Following six consortia expressed their interest and submitted Technical and Financial Proposals by the due date of April 16, 2014:

S. No. Consortium/Interested Parties (IPs)
Credit Suisse, Arif Habib Ltd & Elixir Securities
Citigroup Global Markets Ltd & BMA Capital Management Ltd
AKD Securities Ltd & Foundation Securities (Pvt) Ltd
Bank of America-Merrill Lynch, KASB Bank Ltd and KASB Securities Ltd
Pak Kuwait Investment Co., Pak Oman Investment Co., Topline Securities, First Frontier Capital and Invest Capital Markets.
JS Bank, JS Global, Next Capital, Global, Faysal Bank, MCB and 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 2007 read 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)
Credit Suisse, Arif Habib Ltd & Elixir Securities
Bank of America-Merrill Lynch, KASB Bank & KASB Securities
Citigroup Global Markets Ltd & BMA Capital Management Ltd

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:

 

Consortium / Interested Party Final Score Ranking
Credit Suisse, Arif Habib Ltd & Elixir Securities 100 1
Bank of America-Merrill Lynch, KASB Bank & KASB Securities 92 2
Citigroup Global Markets Ltd & BMA Capital Management Ltd 84 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 Credit Suisse, Arif Habib Ltd & Elixir Securities.