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Privatisation plan: Book building for GDRs all set to launch

KARACHI: Pakistan is all set to complete the book building process for the sale of global depositary receipts (GDRs) of United Bank Limited (UBL) — the country’s third-largest bank — by June 22 as part of the government’s privatisation programme. This was stated by Zahid Hamid Federal Minister for Privatisation and Investment. He was talking to reporters in Kuala Lumpur, where he was attending the 3rd World Islamic Economic Forum, according to a message received here on Tuesday from Kuala Lumpur, Malaysia. He hoped that the investors would continue to show strong interest in the UBL GDR and other upcoming investment opportunities in Pakistan. UBL’s GDRs would be listed in London Stock Exchange (LSE), he added. Minister said the government would also sell a stake in Pakistan State Oil (PSO) — the country’s largest oil distribution company — and hold an Initial Public Offering of Habib Bank Ltd (HBL) under the government’s privatisation programme, for the people’ in June, which had already benefited a large number of common citizens and was a step towards the deepening and broadening the base of the stock markets and would also increase the market capitalisation. staff report

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