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The Cabinet Committee On Privatisation (CCOP) in its meeting held here
today gave go ahead to the Privatisation Commission (PC) for the Public
Offering through divestment of 5 % i.e. (33.5 million) GoP shares in Sui
Southern Gas Company (SSGC) and Initial Public Offering (IPO) of GoP's 5 %
(34.5 million) shares in Pakistan Petroleum Limited (PPL) through Stock
Exchange. GoP holds 93.4 % shares in PPL while remaining are with IFC &
others. For both offerings, CCOP approved green shoe option in case of over
subscription.
The CCOP lauded the historic success of OGDCL IPO and expressed its
satisfaction on surpassing the target by eight times, which has deepened,
broadened and strengthened the base of the Stock Market.
The CCOP also approved the transaction structure and procedure for the
privatisation of Habib Bank Limited ("HBL"), for the intended sale of a
minimum stake of 26% (going up to 51 % of GoP shareholding) for acquiring the
management control of the Bank by the prospective pre-qualified bidders.
The meeting was informed that the open bidding for HBL would be held on
December 29, 2003 at Islamabad in PC auditorium, which will be witnessed by
the representatives of the print and electronic media.
Mr. Shaukat Aziz, Federal Minister for Finance chaired the meeting, while Dr.
Abdul Hafeez Shaikh, the Federal Minister for Investment & Privatisation and
senior officials of the Ministries/ Divisions concerned were present in the
meeting.