The Cabinet Committee on Privatisation (CCOP) on Wednesday approved the transaction structure for the divestment of GoP residual shares in the ABL (Ltd) as recommended by the Privatisation Commission. Finance Minister Ishaq Dar chaired the meeting through video link from London.
Privatisation Commission Chairman Mohammad Zubair briefed the meeting about the key features of the transaction structure. He informed the meeting that the PC Board earlier in its meeting Wednesday morning reviewed and approved the transaction structure proposed by lead managers and book runners before its submission to the CCOP.
The meeting was informed that transaction structure envisaged offering the entire GoP shares to both international and domestic institutional investors, high net worth Individuals and general public through the Karachi Stock Exchange (KSE) Book Building System. The offering of GoP shares will be via an Officer for Sale Document (OFSD) in compliance with the applicable regulations of the domestic stock exchange(s) and the Securities Exchange Commission of Pakistan (SECP).
As per key features of the recommended structure, the strike price shall be determined via the Dutch Auction Method as envisaged in KSE Book Building system and the floor price as approved by the CCOP and the PC Board will be notified prior to the book-building exercise planned for December 11-12, 2014.
The CCOP after detailed deliberations accorded approval to the proposed structure as recommended by the Privatisation Commission.
Ministers for Planning and Development Ahsan Iqbal, Information and B’Casting Pervaiz Rashid, Commerce and Trade Khurram Dastgir, Petroleum and Natural Resources Shahid Khaqan Abbasi and other senior officials attended the meeting.
