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BEL bidding fixed for 23rd

ISLAMABAD: Privatization Commission PC has fixed April 23 as new date to hold bidding for Bankers Equity Limited (BEL).

Earlier, April, 15 was fixed for the bidding of BEL, but due to unavoidable circumstances the Privatization Commission has postponed the bidding on Monday.

Talking to APP, Secretary Privatization Commission Abdullah Yousaf dispelled the impression that any of the interested party had backed out. He said, all the interested parties will participate in the bidding on April, 23.

According to details, four parties short listed by the PC, have been conveyed new bidding date for their participation in the bidding process of the BEL, PC sources said.

Twenty six percent shares of the BEL alongwith management control will be privatised in the first phase. The BEL has assets of Rs 14.9 billion, deposits of Rs 5.1 billion and capital and reserves of Rs 1.3 billion as on june 30, 1995.

The resources of BEL said, in addition to paid-up capital - Rs 656 million, reserves - Rs 679 million and redeemable capital -Rs 700 million, are supplemented by concessional refinancing facilities from State bank of Pakistan. This refinance facility is provided by SBP under a locally manufactured machinery (LMM) scheme, the sources said.

A significant amount of 1325 million was invested in government securities out of which Rs 1324 million were in federal investment bonds and the rest in bearer national fund bonds.

BEL is also administrator of the world bank credit line of $ 200 million to the GOP for lending to the private sector through eligible financial institutions.

The share holders of the BEL are State Bank of Pakistan - 18.12 percent, Pakistan Banking Council - 1.78 percent, Habib Bank- 8.04 percent, United Bank - 8.04 percent, National Bank - 6.70 percent, Muslim Commercial Bank - 6.68 percent, Allied Bank - 3.23 percent, national Insurance corporation -5.99 per cent and individuals and others - 41.42 percent.-APP