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Pakistan Raises $650.3 Million from International Equity Market - ASHARQ AL-AWSAT English Archive
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ISLAMABAD, (Agencies) – Pakistan has raised $650.3 million from the international equity market by selling to overseas investors 202 million shares of the United Bank Limited (UBL), accounting for 25 per cent of the bank’s total paid up capital, said an official statement.

A meeting of the Cabinet Committee on Privatization (CCOP), held under Prime Minister Shaukat Aziz, approved the transaction on recommendation of the Privatization Commission Board (PCB).

The CCOP also approved the sale of 7.5 per cent shares of the Habib Bank Limited to local investors through initial public offering to raise Rs12.2 billion domestic proceeds.

Minister for Privatisation and Investment Zahid Hamid told reporters that the CCOP approved recommendations of the PCB relating to UBL s global depository receipts (GDR) offering. Conditional trading of GDR on the London Stock Exchange will start on June 25, followed by full trading on June 29.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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