KARACHI: The Pakistani government has had offers of more than $1.2 billion for its remaining stake in the country's largest private bank HBL, exceeding expectations, a minister said Friday.
The deal to offload the government's 41.5 percent share in HBL, likely to be approved on Saturday, would be the country's largest privatization deal in the past decade.
HBL, formerly known as Habib Bank Limited, was part-privatized in 2003, with the Agha Khan Foundation buying the bulk of the shares.
The government Privatization Commission recommended divesting the remaining shares earlier this year and offerings were made at stock markets in London, New York, Singapore and Dubai.
"This is an absolutely outstanding response from international investors and it was beyond our expectations," Mohammad Zubair, Pakistan's minister for privatization told AFP by telephone from London.
The government had planned to offer 250 million base shares, with an option of selling 390 million more depending on the response.
The minister said the cabinet committee on privatization would meet to approve the share price and green-shoe sale on Saturday in Islamabad.
Analyst Mohammad Sohail, the head of Topline Securities, said he was surprised by the level of international interest.
"The offers are quite astounding and that shows that international investors are keen to invest in Pakistan — not only in the stock market but other sectors as well," he told AFP.
HBL, which opened in 1947, has 1,425 branches in Pakistan. Its foreign network is spread over 26 countries.
Pakistan gets $1.2bn offers for HBL shares
Pakistan gets $1.2bn offers for HBL shares
Closing Bell: Saudi main index climbs to 10,485
RIYADH: Saudi Arabia’s Tadawul All Share Index edged up on Sunday, gaining 34.32 points, or 0.33 percent, to close at 10,484.59.
The total trading turnover of the benchmark index stood at SR2.59 billion ($690 million), with 168 listed stocks advancing and 87 declining.
The Kingdom’s parallel market Nomu also gained 100.37 points to close at 23,454.65.
The MSCI Tadawul Index advanced by 0.13 points to 1,377.44.
The best-performing stock on the main market was Nama Chemicals Co., whose share price increased by 9.98 percent to SR22.38.
The share price of Al Masar Al Shamil Education Co. rose by 9.15 percent to SR23.85.
Saudi Paper Manufacturing Co. also saw its stock price climb by 8.42 percent to SR57.95.
Conversely, the share price of Canadian Medical Center Co. dropped by 6.37 percent to SR6.03.
The stock price of Kingdom Holding Co. also declined by 3.16 percent to SR8.28.
In the parallel market, Alfakhera for Mens Tailoring Co. was the top performer, with its share price advancing by 16.40 percent to SR8.80.
On the announcements front, Theeb Rent a Car Co. said it had signed a long-term vehicle leasing services contract valued at SR110.4 million with Hungerstation Co.
Under the deal, Theeb will lease 2,000 vehicles to HungerStation for a period of four years starting from 2026, according to a Tadawul statement.
The statement added that the vehicles will be delivered in batches within the first six months from the contract start date, taking into consideration global logistical circumstances and procedures beyond the control of both the agents and the company.
The contract is expected to have a positive impact on the company’s financials from the first quarter of 2026.
The share price of Theeb Rent a Car Co. declined by 0.79 percent to SR37.80.
