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The historically all time successful Initial Public Offering (IPO) of GoP
shares in Oil & Gas Development Company Limited (OGDCL) has helped in
broadening, deepening and strengthening of the capital market. It had also
helped in significantly increasing the market capitalization of the Stock
Market; Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation &
Investment stated this while chairing a meeting of the Privatisation
Commission (PC) Board members here today.
Dr. Abdul Hafeez Shaikh directed the concerned officials not to deviate from
the schedule set for the upcoming transactions and speed up the process of
Public Offering of 5 % shares in Sui Southern Gas Company (SSGC) with
additional offering of 5 % through green shoe option. The IPO of Pakistan
Petroleum Limited (PPL) and Kot Adu Power Company (KAPCO) should also be
ensured in the first quarter of 2004, he added. The process of the appointment
of Lead Managers for PPL and KAPCO is at an advanced stage.
The PC Board while reviewing the progress of Karachi Electric Supply
Corporation (KESC) was informed that in response to the invitation to the
investors on September 29, 2003 the Privatisation Commission ("PC") had
received five Expressions of Interest ("EOI") from reputed utility operators
and strategic and financial investors interested in acquiring up to 73% of the
equity in Karachi Electric Supply Corporation (KESC), with management control
by the due date. Four Statements of Qualification (SOQs) had been received
from 1. Hasan Associates (private) Limited Consortium including Al Bayarak Al
Baida Co., Kuwait; and ABB (Pvt) Ltd, USA-Pakistan, 2. Independent Power
Corporation PLC and Eskom, South Africa, 3. Corner Stone Partners LLC, USA, UK
and 4. Kanooz Al Watan for Project LLC, Saudi Arabia and Siemens Germany/
Pakistan. Asian Development Bank has already indicated that that they would
consider taking an equity interest in KESC of 7.67 %.
The meeting was also informed that the amount received in excess of the
required Rs. 6. 88 billion for the OGDCL IPO was being refunded to the
applicants and necessary instructions in this regard had been issued to the
Bankers concerned. Applications were invited in lots of 1000 shares or
multiples thereof. Preference for allocation was given to the smaller
applicants for 1000 shares. The remaining shares had been allocated to
applicants on prorata basis. The prorata factor was .1504, the meeting
wasinformed. The PC Board also gave approval the accounts for FY-2002-3.