The CCOP (Cabinet Committee on Privatization) has agreed to sell-off the remaining 20% shares of UBL held by the government.
This would be the first privatization deal to be made for nearly a decade. This decision was made following the sanctions made by the International Monetary Fund (IMF), following their approval of the $6.7 Billion loan to the country.
The CCOP was headed by Finance minister Ishaq Dar and approved the decision which was earlier and studied and approved by the Privatization Commission. The government wants the transaction to be made quickly and smoothly.
The Privatization Commission, headed by Chairperson Mohammad Zubair, stated that the remainder of the shares will be offered to both International and domestic investors as well as high net worth individuals (HNWI).
“The transaction will be completed by June 30 and it will be first equity transaction by the Privatisation Commission in the last eight years,” said Zubair.
The finance minister emphasized that due diligence will have to be ensured in the entire process and directed the Privatization Commission to keep things transparent and fair. Also, the PC should not compromise, under any circumstance, the transparency of all the transactions and fair price should be established.