CCOP approves largest-ever $1.2b divestment in HBL

ISLAMABAD (92 News) – The Cabinet Committee on Privatization (CCOP) on Saturday approved divesting all government shares in Habib Bank Limited (HBL) for $1.2 billion. Privatization Commission Chairman Muhammad Zubair said that the government had received the total offers of $1.6 billion for its shares in HBL. "It is the largest-ever privatization in the country.” He said that the Privatization Commission had recommended selling all the government shares to 50 foreign and 400 local investors at Rs 168 per share and the CCOP approved it. Zubair said that the government had decided to privatize the bank keeping in view the present situation. “Under the government assurance to the International Monetary Fund (IMF), HBL and Heavy Electric Complex have been totally privatized, while the National Power Construction Company will be privatized by the end of May,” he said.