Ball now in Privatisation Commission court

---

FE Report
The Privatisation Commission (PC) is likely to hold an emergency meeting shortly to review the latest financial offer made by Saudi prince on taking over the majority shares of largely state-owned Rupali Bank, sources said.
The Saudi prince, who remained non-responsive despite repeated reminders from the PC over the last one year, has offered only $185 million for Rupali's 93.26 per cent stake.
It is in contrast to his earlier offer of around $450 million, which his office negotiated with the PC in November 2006.
When asked Finance and Planning Adviser Mirza Azizul Islam acknowledged the latest offer of Saudi Prince Bandar Bin Mohammad Abdul Rahman Al Saud, which reached the PC recently.
While giving his reaction after the purchase committee meeting Monday, the finance and planning adviser said as the PC has been dealing with the matter it will take the next course of action.
Mirza Azizul said he has also received a copy of the latest offer of the Saudi prince.
The immediate past political government put 67.5 per cent of Rupali share on sale in 2004.
The PC that was appointed to complete the sale-bid declared the Saudi prince as the highest bidder for offering $330 million.
Later, the caretaker government decided to sell the remaining 26 per cent government share of bank at $134 million to the Saudi prince in November 2006.
Since then the PC was waiting for Saudi prince response to strike the final deal.