Privatisation Commission Earns Rs 172.9 Bln By Privatizing Five Entities In Last Five Years

The Privatisation Commission had fetched Rs 172.9 billion by successfully privatizing five entities in last five years, Minister for Privatisation Muhammad Mian Soomro told Senate on Wednesday.

ISLAMABAD, (UrduPoint / Pakistan Point News - 14th Nov, 2018 ) :The Privatisation Commission had fetched Rs 172.9 billion by successfully privatizing five entities in last five years, Minister for Privatisation Muhammad Mian Soomro told Senate on Wednesday.

Answering the question of Senator Mohsin Aziz, he said the divestment of 19.8 percent equity,(241,921,931shares) of United Bank Limited (UBL) worth Rs 38.2 billion were disposed of in June 2014. The buyers included international and domestic institutional investors and High Net Worth Individuals (HNWI) through domestic stock exchanges.

Likewise the 70.05 million shares Pakistan Petroleum Limited (PPL) worth Rs 15.3 billion were sold to domestic institutional investors and high net worth individuals (HNWIs) in June 2014 through domestic stock exchange.

Similarly, The privatization commission had earned Rs 14.4 billion in December 2014 by privatizing 131,275,073 shares of Allied Bank Limited (ABL) to domestic institutional investors and high net worth individuals (HNWIs) through domestic stock exchanges.

The minister said Privatisation Commission fetched Rs 102.4 billion in April 2015 by divestment of 41.5 percent equity (609,317,135 shares) of Habib Bank Limited (HBL) to international and domestic institutional investors, multilateral development Banks/institutions (MDBIs) and high net worth individuals (HNWI) through domestic stock exchanges.

The 88 percent government shares of National Power Construction Corporation (NPCC)had fetched Rs 2.5 billion. The 1,760,000 GOP shares were sold to Mansoor Al Mosaid Companyin September 2015.