The Privatisation Commission on Monday endorsed the selection of Saudi Prince Bandar Bin Mohammad Abdur Rahman Al Saud as the highest bidder with $ 330 million offer for buying Rupali Bank.
With its chairman Enam Ahmed Chaudhury in the chair, the commission at the 34th meeting approved the selection and decided to send the proposal to the cabinet committee on economic affairs for getting the prime minister’s formal nod.
The commission wants to complete the procedure for handing over the bank to the new investor by next month, if no legal hassle comes on the way of the bank’s privatization, official sources said. The selected party will have to pay the total amount of offered price by a single cheque and eventually invest $ 157 million for re-capitalization of the bank. Meanwhile, the commission applied to the Supreme Court to vacate the High Court’s stay order on the tender process or at least to extend the timeframe of suspension of stay order that expired on Monday.
