960415

BEL bidding

fixed for 23rd

RECORDER REPORT

ISLAMABAD: Bidding for the privatisation of the 26 percent shares with management control of Banker's Equity Limited (BEL) to a strategic investor as had been done earlier with the MCB & ABL will take place in the committee room of the Privatisation Commission on April 23, 1996 (Tuesday) at 3 p.m.

The sealed bids will be opened in the presence of the representatives of the pre-qualified bidders, media and the public.

The four pre-qualified bidders for the BEL include Crescent Investment Bank Consortium, Islamic Investment Bank Consortium, LTV Group Consortium and House of Prudential.

The BEL is a development bank having 18 branches in Pakistan's leading commercial centres with headquarter at Karachi. The BEL has assets of Rs 14.9 billion, deposits of Rs 5.1 billion and capital & reserves of Rs 1.3 billion (as June 30, 1995).

The Government of Pakistan is considering convertion of the BEL into a commercial bank, post privatisation and of selling ultimately upto 51 percent share holding.

The BEL has Rs 14,867 million as total liabilities and equity.