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Road show for the Divestment of
Management Rights of ICP Mutal Funds

Islamabad, April 2, 2002 -  The Privatization Commission (PC) is holding a Road Show on April 4, 2002 (Thursday) at 4.00 p.m. at the Karachi Stock Exchange Auditorium to market the divestment of management rights of ICP Mutual Funds. The Privatisation Commission will be giving a presentation and anyone interested in learning more about the transaction can attend.
                The Privatisation Commission intends to transfer the management rights for the ICP Mutual Funds from the Investment Corporation of Pakistan (ICP) to eligible private sector firms. In the first phase of this transaction management rights for one lot of Mutual Funds is being offered. The lot comprises of: 

Rs. in millions/Net Asset Values as on February 11, 2002

Fund

Capital

Net Asset Value

Fund

Capital

Net Asset Value

1st

50

70

15th

50

75

3rd

50

87

19th

50

93

4th

50

174

20th

50

94

8th

50

130

21st

100

55

11th

50

92

23rt

200

89

12th

50

83

25th

400

360

                Expressions of Interest (EOIís) have been invited from reputable international and local parties  (participating solely or as part of a consortium) who have an interest in entering the process with a view to acquire the indicated funds as one lot. 
On receipt of the EOIís parties will be provided with a package containing Request for Statement of Qualification (RSOQ). It is envisaged that once the parties have been pre-qualified on the basis of the information provided by them in response to the RSOQ, they will be facilitated in conducting their due diligence process after which they will enter into a competitive bid, negotiation and sale process with the PC in accordance with the privatisation laws of Pakistan.

            The last date for the submission of the EOIís is April 6, 2002, which should contain brief information of the interested party (ies). The EOI has to be accompanied by a non-refundable processing fee of Rs.25, 000/- in the form of a bank draft in favour of the Privatisation Commission, Government of Pakistan. Once this transaction is complete the management rights of the remaining Mutual Funds of ICP will also be offered for transfer.

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