Latham, Cleary Lead Habib Bank's $1B Share Sale
The government sold its entire stake in Pakistan's largest bank as part of an effort to boost the country's economy, including its foreign exchange reserves.
April 28, 2015 at 10:02 PM
1 minute read
Latham & Watkins has advised the government of Pakistan on the divestment of its 41.5 percent stake in the country's largest bank, raising $1.02 billion in the process.
According to The Wall Street Journal, the government sold its 609 million shares of Habib Bank Ltd. for $1.68 each, which was slightly higher than the floor price of $1.66 set when book building in HBL began early last week.
The newspaper also reported that Pakistan is privatizing or divesting its holdings in up to 31 state-owned enterprises in an attempt to boost the country's economy, including its foreign exchange reserves. Share sales in United Bank, Allied Bank and energy company Pakistan Petroleum Ltd. have already taken place.
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