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Fragile Pak economy needs mergers, analysts say
KARACHI. Mar 29: Pakistan’s fragile economy urgently needs to be strengthened by more corporate mergers and acquisitions, analysts say. predicting that several will be announced in coming months, says AFP.
hi what is seen as' the start of a new period in Pakistan's corporate history, two private sector giants in the polyester fibre Industry announced their merger last week.
The Dewan Mustaq Group acquired majority ownership and management control of its competitor Dhan Fibre, a Chakwal Group company.
Dewan Group purchased 200 million shares of Dhan Fibre worth more than 4.2 billion rupees (76 million dollars), mak-ing it the country's biggest corporate take-over.
"The availability of local liquidity and low interest rates are encouraging people to buy out companies," said ABN Amro
research head Arshad Arif.
He said the process would pick up during the next fiscal year after new takeover laws proposed by the government of military ruler General Pervez Musharraf were fully implemented.
Pakistan’s five-month-old military regime is expected to loosen regulations governing mergers and acquisitions.
Analysts believe last week's private sector merger has set an example for other corporate entitles and various sectors of the economy, especially the much-fragmented financial sector.
"With the announcement of new proposed laws, merger activity will certainly increase," said financial expert Mansoor All of Jehangir Siddiqui and Co.
He said Pakistan's financial sector would have to opt for mergers or risk facing banking collapses.
"Pakistani banks are operating with low capital base if viewed in dollar-terms." All said, adding the country's financial managers are stressing capital adequacy to meet global challenges.
Pakistan's largest state-owned bank — National Bank of Pakistan — has a total capital base of only 1 7 billion rupees or 326 million dollars.
Pakistan's central bank chief Ishrat Husain on Saturday urged small banks to merge, saving they ran the risk of failure and collapse if (hey did not act.
Husain said the current number of financial institutions. their functions and capital bases, were neither proving efficient as a domestic industry nor boosting Pakistan's position in global financial markets.
According to central bank figures. Pakistan has 25 do-
mestic commercial banks, 20 foreign-owned banks. 10 development finance institutions. 16 investment banks and 32 leasing companies.
The paid up capital of all these Institutions comes to less than 94 billion rupees (1.8 billion dollars), equivalent to only 2.8 per cent of the country’s gross domestic product (GDP).
Husain said Pakistan's financial sector was much too fragmented.
Analysts said although mergers can cause job losses, they did not believe large-scale mergers would cause any significant harm.
Job losses would be minimised due to the low level of mechanisation in Pakistan, adding the process would only result in (he losses of some high-level posts.
He said large banks were ready to provide financing to help companies wishing to buy out other firms.