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Islamabad, October 17, 2002
The second offering of GOP shares in National Bank of Pakistan through an
offer for sale of 5 % additional shares of National Bank of Pakistan (NBP) has
been over subscribed by four times. PC has received subscription amounting to
Rs. 1.628 billion. The initial Public Offering under taken by Privatisation
Commission in November 2001 of 5-10 % shares of NBP was six times
oversubscribed.
The subscription for the second offering of 5 % (18. 652,000) Government of
Pakistan shares in National Bank of Pakistan (NBP) to the general public was
opened from October 7, 2002 to October 9, 2002. This offer was made to the
general public on best effort basis at a fixed price of Rs.21/= per share. The
market price of NBP's shares as at September 23, 2002 was Rs.22.90. The break
up value of the Bank's share as at June 30, 2002 was Rs. 33.62 excluding
surplus on revaluation of fixed assets.
The subscription for the second offering of 5 % (18, 652,000) NBP shares has
received over whelming response and the final figures has shown subscriptions
for 72 million shares against the target of 18. 65 million shares. The
subscription list is soon to be finalised on pro-rata basis and excess amount
will be refunded to the applicants accordingly.
The OFSD was published in the national dailies, which included information
regarding approval and clearance, share capital and related matters,
commission, brokerage and other expenses, history and prospects, financial
highlights, management and related matters and the instructions regarding
application and transfer.
Elixir Securities and THK (Taseer Hadi Khalid KPMG) are the Lead Manager for
this transaction.