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Habib Bank Limited (HBL) IPO

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170 replies to this topic

#1
kh_fowad

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    Govn't has stated that the IPO for HBL will be in June 2007. Does anyone know if this is really coming in june. or is this going to get delayed. any specific date ? or atleast an actual time frame.?

    any info. would be appreciated

    thanx
    kh.fowad


    #2
    AbDuLmAtEeNkHaN

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    PC approves HBL IPO plan
    RECORDER REPORT
    ISLAMABAD (June 05 2007): The Privatisation Commission Board on Monday okayed HBL Initial Public Offering (IPO) plan and directed the management to complete the subscription in the current month. HBL IPO will be apart from the United Bank Limited (UBL) Global Depository Receipt (GDR) transaction for which book building is expected to be completed by June 22. Zahid Hamid chaired the meeting.

    The board awarded Financial Advisory Services contract to Khalid Majid Rahman, Chartered Accountants for the privatisation of Pakistan Mineral Development Corporation (PMDC)'s Coaled and salt mines projects.

    The board decided to recommend to Cabinet Committee on Privatisation (CCOP) various options relating to the privatisation of National Power Construction Corporation (NPCC). The meeting was informed that the pre-bid meeting with intending bidders for Hazara Phosphate & Fertilisers Limited (HPFL) was held on June 22, and that Privatisation Commission was all set to hold bidding on June 18.

    The board also reviewed progress and status of the transactions relating to sale of Servicing International Hotel (SIH) land, Lahore, land and property of Republic Motors Limited, Lahore, PTDC's motels and restaurants and other ongoing and upcoming privatisation's.

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    #3
    aliadnan

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    Salam to All
    Mateen Bhai kab release ho raha hea is ka IPO or kitnee ka ho gaa
    thanks in advance

    #4
    AbDuLmAtEeNkHaN

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    HBL's IPO: PC snubbed by Prime Minister over low share price
    MUSHTAQ GHUMMAN
    ISLAMABAD (June 23 2007): Prime Minister Shaukat Aziz has snubbed the Privatisation Commission (PC) for recommending low price over Initial Public Offering (IPO) for Habib Bank shares (HBL), sources in Privatisation Minister's office told Business Recorder here on Friday.

    They said that the PC had recommended the offer price of Rs 195 per share with 5 percent (34.5 million shares) for sale to general public with a minimum lot size of 100 shares. The Cabinet Committee on Privatisation (CCoP), which met on June 12, did not approve the recommendations of the PC regarding HBL IPO, sources said.

    " The CCoP directed the PC to resubmit the proposals regarding size and price in the next meeting, to be held on Saturday, June 23 in the National Assembly building, so that the transaction could be completed in July," they added.

    They said that the Prime Minister expressed annoyance over presence of some 'strangers' in the meeting of CCoP which was called to discuss issues of Global Depository Receipts (GDRs) and IPOs of different public sector entities.

    "The Prime Minister pinpointed some persons sitting in the CCoP meeting and raised the question as to who had brought them there," said another official. Out of the 690,000,000 ordinary shares issued, the government holds 338,100,000 (49 percent) shares, including 331,524,002 (48.05 percent) shares acquired through State Bank of Pakistan (SBP).

    Sources said that the CCoP in its meeting on October 30 last year had approved divestment of SBP shares in HBL through an IPO, which would be followed by GDRs offering in due course of time. The Lead Manager, after carrying out detailed appraisal, had recommended an offer size of 5 percent, with green-shoe option of additional 2.5 percent of total outstanding shares of HBL.

    The Lead Manager carried out a comparative valuation analysis by using HBL's per group (NBP, ABL, MCB, UBL) based upon calculated price/ earning multiples and price/ book value multiples. Based on the analysis of the Lead Manager, the PC calculated the offer price in the range of Rs 175 to Rs 200 per share, which represented a discount range of 11.5 percent to 22.5 percent on the DCF based fair value, sources said.

    They said that the PC was of the view that HBL transaction should be at an appropriate time, after the GDR offering on the shares of the United Bank Limited (UBL) as this would have a positive impact on the offering of HBL. According to them, the CCoP in its meeting on Saturday, would also consider GDR offering of UBL as the Prime Minister is of the view that loss of market share is a negative indicator during its privatisation process.

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    #5
    AbDuLmAtEeNkHaN

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    CCOP approves sale of 25pc UBL shares

    IRFAN BUKHARI
    ISLAMABAD - The Cabinet Committee on Privatization (CCOP) on Saturday approved the 25 per cent offering of Global Depository Receipts (GDRs) of United Bank Limited (UBL), which is being listed at London Stock Exchange (LSE) by June 25. The recommendations were finalized in a Privatization Commission meeting that held here under the chair of Federal Minister for Privatization and Investment, Zahid Hamid.

    The government offered one GDR at $ 12.854 while one GDR carries four shares each one having price Rs 195. The total cost of 25 percent offering stands at $ 652.3 million. The PC Board also reviewed the progress of the Initial Public Offering (IPO) of Habib Bank Limited (HBL) under the government's most successful,"Privatization for the People" program and formulated recommendations about offer for CCOP's approval. The members of the Board of the Privatization Commission, senior officials of the respective Ministries and departments attended the meeting.

    Meanwhile an official announcement said that the CCOP approved the sale of 25% shares of United Bank Limited at the rate of Rs. 195/- per share in the international share market.

    This was decided in a meeting of the CCOP held at the Prime Minister's Chamber in Parliament House this afternoon, which was presided over by Prime Minister Shaukat Aziz.

    The Prime Minister noted that this was a very successful and historic sale of shares as the Privatization Commission has received offers of up to $ 2.5 billion but added that we would sell shares valued at Rs. 650 million and turn down the higher amounts offered by investors.

    He said that the strong investor interest in the United Bank Limited shares reflects increasing investor appetite around the world for investment in Pakistan particular in the banking sector of the country. The Prime Minister said that the economic reforms started by the government eight years ago have resulted in more and more investment coming in from within the country and overseas and is a vote of confidence in the investment opportunities offered by Pakistan.

    The meeting also approved the sale in the local market of up to 5% of the share capital of Habib Bank Limited to the general public at the rate of Rs. 235/- per share which would allow investors in Pakistan to acquire shares of Habib Bank Limited, help broaden the stock market and create investment opportunities for investors.

    The Prime Minister said that the successful completion of both United Bank Limited and Habib Bank Limited transactions will allow increase in local and foreign investment in the country and create opportunity for both the institutions to expand their share holding. This, he added, is a manifestation of the strong economic growth, the broad-based structural reforms and improving management of the economy.

    The meeting was attended by Minister for Privatization, Mr. Zahid Hamid, Minister for Industries, Mr. Jahangir Tareen, Minister for Information Technology Mr. Owais Khan Leghari, Minister for Ports and Shipping, Mr. Babar Khan Ghauri, Minister for Textile Industries, Mr. Mushtaq Ali Cheema, Deputy Chairman Planning Commission, concerned Federal Secretaries and senior officials.

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    #6
    um@ir

      Prepared to deviate stubborn short sellers ;Think Long v-man

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    ab is ke kitnee lot ho gayee ? minimum
    !

    ager yeh KUDA NA KUSTA 500 ke hoeee tooo :@






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