The Cabinet Committee on Privatisation (CCoP) on Wednesday approved the transaction structure for the divestment of government’s residual shares in the Allied Bank Limited (ABL) as recommended by the Privatisation Commission (PC).
As per key features of the recommended structure, the strike price will be determined via the ‘Dutch auction method’ as envisaged in the Karachi Stock Exchange (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 Dec 11 and 12.
According to PC Chairman Mohammad Zubair, the government plans to complete the divestment of its shareholding in Allied Bank by December.
Finance Minister Ishaq Dar chaired the CCoP meeting held in Islamabad through a video-link from London where he is engaged in talks with international investment companies.
