Latham & Watkins Advises the Government of Pakistan on its Divestment of Shares of Habib Bank Limited

Privatization represents Pakistan's largest-ever ‎equity offering and the largest from Asia's frontier markets.

April 27, 2015

Latham & Watkins has advised the Government of Pakistan’s Privatisation Commission in connection with the divestment of its 41.5 percent stake in Habib Bank Limited, the largest bank in Pakistan. Raising proceeds in excess of US$1 billion, the offering represents Pakistan’s largest-ever equity offering and the largest from Asia’s frontier markets.

The divestment forms part of the Government of Pakistan’s ongoing privatisation plan, which is anticipated to see a large number of state-owned enterprises sold to the private sector over the next few years. Credit Suisse and Deutsche Bank AG acted as the underwriters for the offering, which was internationally marketed in compliance with Regulation S and Rule 144A of the US Securities Act of 1933.

Corporate partner Nomaan Raja commented: “The strong demand for this landmark offering underlines the appetite high-quality international investors have for Pakistani assets.”

The Latham & Watkins corporate team was led by Dubai partner Nomaan Raja and London partner David Boles, with Dubai associates Basil Al-Jafari and Muhannad Alnajjab assisting with the transaction.

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