A total of 25 bids have been received for financial advisory services for the second phase of the Pakistan Telecommunications Corporation (PTC) privatisation (MEED 17:2:95).
The bidders are understood to include:
CS First Boston with the local BMA Capital Management
Goldman Sachs with the local Al-Faysal Investment Bank
Salomon Brothers with Abbas Sarfraz
Morgan Stanley with ANZ Grindlays
Citicorp International with Citicorp Investment Pakistan
Union Bank of Switzerland (UBS)
Merrill Lynch with the local Khadim Ali Shah Bokhari SG Warburg.
The advisers are to help structure the second phase of PTC’s privatisation. This involves the sale of a 26 per cent shareholding in PTC, and transferring management control of the company to a strategic investor.
Between three and five consultants will be short listed. The successful candidate is expected to be announced by the end of March. The government has said it intends to transfer its 26 per cent holding before the end of the year.
PTC is to be converted into a limited company in June. This will involve a recapitalisation to a new capital base of Rs 51,000 million ($1,652 million). A vouchers scheme, which entitles the holder to shares in the limited company, is already operating.
In January, PTC announced a profit of Rs 14,150 million ($458.4 million) for 1993 which was higher than market expectations. The 1994 results are to be announced in March.