MCB signs agreement with Petronas

MCB Bank Ltd., based in Pakistan, has entered into an agreement with Malaysia’s Petroliam Nasional Berhad (PETRONAS) to participate in a joint bid to acquire a 51% stake in Pakistan State Oil (PSO), which is being privatized. PSO is the largest oil marketing company in Pakistan. It is engaged in the storage, distribution and marketing of petroleum products. MCB and Associates, which is comprised of Nishat Mills Ltd., Nishat Chunian Ltd., DG Khan Cement and Adamjee Insurance, were among the groups that submitted their Statement of Qualifications during the privatization process for PSO held in January. (February 26, 2007)