Pakistan to offload Habib stake for up to $1b

The deal, if successful, will be one of the country's largest in recent years.

Pakistan will seek to offload its entire stake in Habib Bank and raise up to PRs101.1 billion $992.7 million later this week, potentially making it the largest share sale in the country’s privatisation drive.

The government currently owns 41.5% of Habib Bank and will seek to sell it all up to 609.3 million shares on Friday, according to a term sheet seen by FinanceAsia.

The base deal consists of 250 million shares, representing 17% of the bank’s outstanding capital, which would net the government $407.3 million. An exercised upsize option would tack on an additional 359.3 million shares, or $585.4 million.

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