Pakistan nets $993m from Habib stake sale

After failing to sell a 10% stake in the national oil and gas company, Pakistan succeeds in offloading its 41.5% holding in Habib Bank in the country's largest ECM transaction.
Habib Bank Plaza in Islamabad
Habib Bank Plaza in Islamabad

The Pakistan government offloaded its entire stake in Habib Bank and raised $992.7 million in the country’s largest-ever share sale, the latest transaction in the country's privatisation drive.

The government, which previously owned 41.5% of Habib Bank, sold all 609.3 million shares and raised PRs101.1 billion $992.7 million from the sale, according to a source close to the deal.

The base deal consisted of 250 million shares, or 17% of the bank’s outstanding capital, worth $407.3 million. The source noted that strong institutional demand, mainly foreign, allowed the issuer to exercise the upsize option and tack on an additional 359.3 million shares to the base deal. This...

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