Shares in listed companies: UAE's Pakistan loan seeks a grip on corporates
Pakistan rupee
The UAE has offered to buy minority shares in publicly-listed government-owned enterprises at a negotiated price and a seat on each of the firms' boards in response to cash-strapped Pakistan's request for further loans. China has decided to extend another $2 billion of Pakistani debt that is due between June 27 and July 23, giving Islamabad some much-needed respite after sending $2.3 billion the previous week.
If accepted, the offer would deviate from Islamabad and Abu Dhabi's usual lender-borrower relationship and provide a significant boost to the cash-strapped administration, according to The Express Tribune daily.
According to sources cited by The Express Tribune, the UAE government has offered to use its sovereign wealth funds to buy 10–12% of the stock in government-owned firms that are publicly traded.
The report quoted Finance Minister Miftah Ismail as adding that there is a proposal from a friendly nation to buy shares of Pakistani companies on a buy-back basis, which entails buying securities with secured loans as collateral.
According to the sources, the UAE had made a clear offer to buy holdings in the companies. However, they claimed, the government wants to include a clause in any such deal giving it the right to repurchase these holdings after a specified amount of time.
When Shehbaz Sharif, the prime minister of Pakistan, visited the UAE in April, he requested a multibillion dollar bailout package. According to the sources, the UAE had dispatched a delegation to Pakistan in response to the prime minister's request, and they held a meeting with Sharif in Lahore during the first week of May.
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Prior to negotiating a deal at the staff level with the IMF, Pakistan is attempting to resuscitate the IMF programme and is awaiting the draught Memorandum for Economic and Financial Policies (MEFP) document.
According to the sources, Pakistan did not repay the $2 billion loan it received in February 2019, therefore the UAE was not prepared to provide Islamabad another $2 billion check this time.
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