Pakistan delays bank National Bank GDR to Q1 2008
KARACHI Nov 8 (Reuters) - Pakistan may sell part of its stake in National Bank of Pakistan (NBPK.KA: Cotización) (NBP) through a global depositary receipt (GDR) late in the January-March quarter, delaying plans to go to the market in December, a finance official said.
The government also planned to issue a Eurobond in the April-May period -- for which it would start looking for lead managers early next year, Ashfaq Hasan Khan, the ministry's special secretary, told Reuters.
The government and lead managers -- Deutsche Bank (DBKGn.DE: Cotización) and Morgan Stanley (MS.N: Cotización) -- have decided to delay the sale of up to 20 percent of the government's stake in NBP through a GDR after President Pervez Musharraf imposed emergency rule on Saturday, he said.
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