Institutions

Corporate Finance & Advisory

BMA Capital has one of the most highly rated Corporate Finance & Advisory groups in Pakistan. The group has either lead managed or participated in some of the largest and most important transactions emanating out of Pakistan and has extensive financial advisory and capital raising expertise. BMA Capital has a close working relationship with some leading global investment banks and has concluded major Corporate Finance & Advisory transactions successfully with Credit Suisse First Boston and JPMorgan Chase (Formerly Jardine Fleming).

BMA Capital's Corporate Finance & Advisory activities are divided into two categories:

Financial Advisory including advice to private and public sector corporations on mergers and acquisitions, divestitures and corporate restructuring. In addition, BMA has built up significant credentials in Privatisation advisory work and has played a key role in Pakistan's privatisation programme over the last ten years. Out of the total privatisation proceeds, BMA Capital has been involved in over US$ 3 bn or 70% of the sale proceeds accruing to the Government of Pakistan.

Corporate Finance services include public offerings and private placements of equity and debt securities including Term Finance Certificates (TFC's).

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Recent Landmark Transactions

Privatisation

• PTCL (US $ 2.6 b)
• FESCO (in progress)
• Lakhra Power Generation Company & Lakhra Coal Development Company (in progress)

M & A

• Pakistan PTA Limited
• Guardian Modarba

Capital Raising

• Dadabhoy Energy Supply Company (In Progress)
• Commercial paper for Mobilink Pakistan
• Telecard Limited (Rights Issue & Public Issue of Debt)

Private Equity

• Swede Bus Pakistan Limited (In Progress)
• Real estate development project in Karachi (In progress)

Advisory & Consultancy

• Advisor to PTCL on restructuring options
• Ongoing financial advisor to SSGC
• Advisors to Telecom Malaysia on pre-feasibility study of optical fibre backbone

The leading player in Privatizations

BMA Capital has successfully advised on privatisation transactions which account for 70% of all privatisation proceeds received.

Privatizations completed include:

• Kot Addu Power Company Limited ($ 1,582 million)
• PTCL GDR issue ($898 million)
• Bankers Equity Limited ($ 11.8 million)

In progress:

• Lakhra Power Generation Company & Lakhra Coal Development Company
• FESCO (BMA - 30%) (Others - 70%)
  
  

Credentials

• Successful corporate finance and advisory history of over 15 years
• Excellent and long standing relationships with the government & the corporate sector.
• Working relationships with top international investment banks (Deutsche Bank, Rothschild, CSFB, etc.)
• Benefiting from Abraaj's relationships in the Middle East as well as its structural and technical expertise.
• Experienced transaction team
• Well established execution experience
• Technical expertise.
• Strong distribution capability.

Case Studies

Oil & Gas Sector

1. NRL Privatization - First oil Refining Sector Privatisation in Pakistan.
2. Financial Advisor to SSGC.

Telecom Sector

1. PTCL PrivatiSation - Largest Privatisation and FDI inflow into Pakistan.
2. Telecard Limited - Largest Public Debt & Equity Transaction in the Telecom sector.
3. Fiber Obtic Study - Basis for first private Fiber Optic network in Pakistan.
4. PTCL Valuation & Restructuring Options.
5. PTCL GDR Issue - First GDR Issue in Pakistan.

Chemical Sector

1. PPTA Acquisition - Strategic M&A Transaction in the Chemical Sector.

Power Sector

1. FESCO Privatization.
2. KAPCO Privatization - The Largest Power Generation company.

Financial Sector

1. Bankers Equity Limited - First Privatisation Mandate Won by Domestic Firm.

Key Transactions
 

IB CV's

Ehsun Khan - Head of Corporate Finance & Advisory

Ehsun Khan is the Head of Investment Banking at BMA Capital. Mr. Ehsun has extensive experience in financial advisory and his key transaction experience include buy side advisory on privatisation of:

• Pakistan Telecommunication Company Ltd.
• National Refinery Limited
• Pakistan State Oil Limited.
• Pakistan PTA Limited and
• He is also part of the team working on a large real estate development project in Karachi.

Previously, he was Head of Investment Grade Sovereign Research at Morgan Stanley in London. In that capacity, Mr. Khan was responsible for providing primary and secondary market research on sovereign and sub-sovereign issuers in the US$, Euro and JPY markets.

After Morgan Stanley, he joined Brunswick Direct as a shareholding partner. Brunswick Direct was an online equity broker which made markets in local currency in more than 20 emerging markets all over the world. At Brunswick Direct Mr. Khan was responsible for European sales and Asian research.

Graduated with a BA in economics from Middlebury College in Vermont, USA and holds a series 7 financial markets qualification in the US.

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Muhammad Ahmad Khan - Vice President

Ahmad Khan is Vice President in the Investment Banking Group. He joined BMA in August 2005 and has over 8 years experience in the field of accounting, auditing, finance and management consultancy. Prior to BMA, Mr. Ahmad has worked in Anjum Asim Shahid Rahman, Chartered Accountants (Grant Thornton) as Sr. Manager, Management Consulting Division.

Key transactions experience includes:

• Privatisation of Peshawar Electricity SuPSOy Corporation.
• Privatisation of Pak American Fertilizers Limited.
• ‑Business Valuation of Mathtech (Pvt.) Ltd. for its proposed acquisition by LMKR.
• Business Valuation of Micronet Broadband (Pvt.) Ltd. for its proposed sale.
• ‑Arrangement of financing facility of Rs. 2.8 billion (Rs. 2.3 b as term loan & Rs. 0.5 b as TFC’s) for construction of Lahore-Faisalabad Dual Carriageway for FWO.
• Arrangement of financing facility of Rs. 1.2 billion for LDI & WLL project for Burraq Telecom Ltd.
• Arrangement of equity/debt financing facility of Rs. 0.5 billion for CNBC Pakistan project.
• ‑Restructuring / Business Process Re-engineering of PTCL.
• Restructuring / Business Process Re-engineering of Shaheen Foundation.

Mr. Ahmed is a qualified Charted Accountant from Institute of Charted Accountants of Pakistan.

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Muhammad Tauseef Ansari - Asst. Vice President

Tauseef Ansari is an Assistant Vice President in the Investment Banking Group. He joined BMA in August 2004 and has over eight years experience in the field of accounting, auditing, finance and investment banking. At BMA he mainly focuses on transactions in oil & gas, energy and banking sectors. Tauseef was previously an Analyst – Structured Finance, Investment Banking Division of AKD Securities (Pvt.) Limited and was involved in various IPO’s and structured finance deals including TFC issues and debt arrangement.

Prior to AKD, Tauseef has worked in Unilever Pakistan Limited as an Assistant Corporate Risk Manager

Key transaction experience include:

• Listing and capital raising for an energy company

• Capital and debt raising for a transport company.

• Listings of TRG Limited and Pakistan International Container Terminal Limited.

• Key team member in TFC of Rs. 2 billion for United Bank Limited - private placements and stock exchange listing.

• Buy side advisory on Privatization of: 1) National Refinery Limited, 2) Pakistan State Oil Company Limited and 3)  Pakistan PTA Limited.

• Leading team member in Revival of Distressed Assets projects and was a nominee Director in Metropolitan Steel Corporation Limited that was revived from a distressed unit to a producing one.

Tauseef graduated with a Bachelor of Commerce from University of Karachi in 1996 and is a Chartered Certificate Accountant and a CA Finalist.

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Musharaf Khan - Asst. Vice President

Musharaf Khan is an Assistant Vice President in the Investment Banking Group. He joined BMA in April 2004 and has over eight years experience in the field of accounting and finance. At BMA he mainly focuses on telecom transactions.

Key transaction experience include:

• Ongoing large real estate transaction in Karachi.

• Rs. 500 million Commercial paper issue of Mobilink (largest cellular company in Pakistan).

• Debt and Equity rising of Rs. 4 billion for TeleCard, a wireless local loop company.

• Involved in pre feasibility study on fibre optic backbone in Pakistan for Malaysia Telecom.

• Involved in the restructuring options evaluation of Pakistan Telecommunication Company Limited.

• Buy side advisory on privatization of Faisalabad Electric Supply Company.

Before joining BMA, Musharaf spent two years working with Millicom International (a Swedish Based Group), assessing the financial and operational performance of their cellular and fixed line operations in different countries. He has also worked as Deputy Manager at KPMG Pakistan managing a portfolio of 15 multinational and national audit clients.

Musharaf holds a Bachelor of Accounting degree from University of Karachi. Musharaf is also a Chartered Accountant and Certified Internal Auditor from the USA.

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Fahad Hasan Khan - Associate

Fahad has recently joined BMA Investment Banking Group as Associate. Prior to joining BMA Capital, Fahad was associated with United AMC, a subsidiary of UBL, as a Research Analyst responsible for areas such as Portfolio Structuring, Investment Analysis, Securities trading, and Risk Management. Fahad has also worked with Westminster & Eastern Financial Services Ltd. as Research Analyst.

Fahad has prepared various research reports on companies in the Banking, Textiles, Oil and Gas, Power and Mutual Fund sectors.

Fahad is an MBA in Finance from IBA and has two years of working experience.

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Omar Salah Ahmed - Analyst

Omar is with the Investment Banking Group. Omar has previously worked in the Pharmaceutical Industry, and Ferguson Associates, as a Junior Consultant and worked on the financial re-structuring of the Institute of Business Administration and Karachi Electricity Supply Corporation. He was also involved with the Royal Netherlands Embassy sponsored infrastructure development projects in the city of Quetta.

Key transaction experience includes:
- Buy side advisory on Privatization of:

• National Refinery Limited,
• Pakistan State Oil Limited
• Pakistan PTA Limited.
• Pakistan Telecommunication Ltd.

- Rs. 500 million Commercial paper issue of Mobilink (largest cellular company in Pakistan)

He is a part qualified Chartered Accountant.

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