| GEO Business|
| Process turning HBFC into corporate completed|
| Updated at: 1550 PST, Saturday, May 23, 2009|
KARACHI: The process turning HBFC into corporation has been completed and its 10 percent shares would soon be sold to IFC at Rs10 per share.
The process of turning House Building Finance Corporation (HBFC) into a corporate was underway since last few years, which has now been completed and it would now be working under Companies Ordinance-1984 instead of the government laws with an approved capital of Rs6 billion, for which, the organization has issued 600 million shares of Rs10 each, of which, 62.5 percent shares will remain with the government and 37.5 percent in the ownership of State Bank.
HBFC sources said that turning of the organization into corporate has paved the way for its privatization and at least 10 percent shares at Rs10 each will be sold to World Bank subsidiary organization International Finance Corporation (IFC).
Later, following re-constitution of the Board of Directors, IFC would be given reasonable representation. Following selling of shares to IFC, remaining shares of the organization will be offered for public sale in the stock markets.