The
deal to offload the government's 41.5 percent share in HBL. The government was
expecting around $750 million from this transaction as against has had offers
of more than $1.2 billion for its remaining stake in the country's largest
private bank HBL. This would be the largest transaction in the history of
Pakistan’s capital market. The first day of the trading of the offered shares
on the local exchanges is expected before May 2015. The offering has received
offers from both local and foreign funds. The bids will be entertained in such
a manner that the highest bidders will be considered first no matter if they
are local or foreign.
The
Privatisation Commission recommended divesting the remaining shares earlier
this year and that the offers were made through book building at a floor price
of Rs166/share. Offerings were made at stock markets in London, New York,
Singapore and Dubai.
The
offer, through the book building, was made only to the institutional investors
and high net worth individuals, consisting of 250 million ordinary shares
representing 17 percent of the total paid- up capital of HBL with an upsize
option of up to additional 359.317 million shares, which denote a further 24.5
percent of the paid-up capital. HBL posted a profit after tax of Rs31.819
billion, translating into earning per share of Rs21.63 for the year ended
December 31, 2014. The bank’s total assets stood at Rs1.867 trillion as of end
December 2014.
HBL, which opened in 1947, has 1,425 branches in Pakistan. Its foreign network is spread over 26 countries. HBL, formerly known as Habib Bank Limited, was part-privatised in 2003, with the Agha Khan Foundation buying the bulk of the shares.
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