The Privatisation Commission of Pakistan (PC) has put the country on the global map by winning three global awards in recognition of its transactional work on the divestment of GoP shareholding in HBL and ABL. Mr. Muhammad Zubair, State Minister for Privatisation and Chairman PC received ‘The Asset Triple A’ awards at a special ceremony held in Hong Kong.
One of the highest recognition bestowed upon the Privatisation Commission of Pakistan is the best privatisation in the region award for Government of Pakistan’s divestment of 41.5% stake in HBL.
Speaking as the key note speaker of the event, Mr. Muhammad Zubair called it a moment of pride for Pakistan. “Ensuring a fair, transparent and financially viable process has been the key priority for us. Receiving such prestigious awards is a strong testament of our commitment, efforts and the success of the privatisation program of Pakistan”, said Mr. Zubair.
He also requested the audience to appreciate the efforts of Pakistan in promoting democracy and economic and social progress despite decade long challenges of terrorism in the country.
The HBL transaction generated gross proceeds of PKR 102 billion (equivalent to USD 1.005 Billion), including foreign exchange inflow of over USD 764 million with over 45 global equity participating with total demand of over 725 Million shares against offer size of around 609 million.
It also has a record domestic demand of over PKR 45 Billion with over 480 investors participating, generating demand of over 253 Million shares, making it the largest ever equity offering in Pakistan as well as in Asian Frontier Markets.
The Habib Bank transaction also won in the category of Deal of the Year, whereas Government of Pakistan’s privatisation of 11.5% stake of ABL won the Deal of the Year – Highly Commended award, as the GOP Shares in ABL raised gross sale proceeds of PKR 14.4 billion against the offering of PKR 110 per share.
The awards have been awarded by The Asset, one of Asia’s most prestigious corporate ranking journals. In 2014, PC had already won two international awards for its transactional work on UBL.