950816

MG given April '96

deadline for placing

26 pc PTC shares

RECORDER REPORT

KARACHI: The Privatization Commission finally signed a contract with Morgan Grenfell-Deutsche Bank stipulating a deadline of April, 1996 for the placement of the 26 percent shares of PTC to the strategic investor.

At a briefing, Younus Khan, General Manager Deutsche Bank said that the contract between the Morgan Grenfell and Privatization Commission was signed on August 13, 1995 and according to his findings the placement of 26 percent shares would yield proceeds of around $2 to $2.5 billion.

The Privatization Commission had chosen Grenfell last April as financial advisers for the second phase of the PTC privatization. The company is to do the job in collaboration with Coopers and Lybrand, Denton Hall and the local Muslim Commercial Bank and Abacus Consulting.

"We will start work within 10 days to find a strategic investors," Younus Khan said.

Deutsche Bank (DB) is Germany's premier financial institution with 125 years of history. It is one of the few financial institutions which have retained its AAA, rating. DB and its more than 60 consolidated subsidiaries are represented in 2477 offices in over 50 countries employing 73,000 people. The bank with group assets of DM 631 billion was rated number one bank by Fortune 500 according to gross revenues in 1994. In US, DB has also been ranked number one foreign bank.

DB acquired Morgan Grenfell &'Co. Limited, (founded in 1838 and city of London's oldest and most influential institutions) in 1989. Morgan Grenfell is a leading merchant banking and investment management group with a significant presence in all the world's major financial centres with representation in 28 countries worldwide. The group is particularly strong in Asia, Europe, USA and Latin America. Morgan Grenfell was ranked number one investment bank for global privatization, number 2 for worldwide mergers and acquisitions, number one for global advisory mandates is project finance and, number one for private infrastructrue in 1994.

DB Karachi offers full range of investment banking activities drawing on our global expertise and specialists as and when required. DB at Karachi have been actively participating with its international specialists in the private sector power projects set up under the GOP Private Power Policy, including Hubco, AES-Lalpir I&II, Uch Power Company and Tractebel Khaleej.