World Economy

Pakistan Raises Record $1.02b

Pakistan Raises Record $1.02bPakistan Raises Record $1.02b

Pakistan has raised a record $1.02b in the nation’s biggest asset sale by selling its entire stake in Habib Bank Ltd., the nation’s largest lender by assets, Bloomberg reported. The government sold 609m shares or its 42% stake for 168 rupees ($1.65) a share, a 9% discount to yesterday’s closing price, Privatization Commission Chairman Mohammad Zubair said at a news conference in Islamabad Sunday. The transaction was part of Prime Minister Nawaz Sharif’s asset sale program under which four transactions have been completed in the past year as the government raises funds from equity and bond sales to decrease the nation’s fiscal deficit.