Pakistan to raise $387m in United bank sale

The Pakistani government has sold its 19.8 pct stake in United Bank Ltd for $387 million, the country's first capital market transaction in eight years.
The deal is part of Pakistan's initiative to privatise 68 public companies, including 10 banks, that was announced earlier this year.
"The first transaction under the privatisation commission has been overwhelmingly successful and with it Pakistan has re-entered the world equity market after eight long years," Privatisation Commission Chairman Mohammad Zubair told Reuters.
Foreign buyers including Morgan Stanley, Wellington, Templeton and others bought 82 percent of the stake, he said.
Pakistan hopes to raise up to $5 billion in privatisation revenue in the next two years to ease pressure on strained public finances, Zubair added.