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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