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The Cabinet Committee On Privatisation (CCOP) in its meeting held here
today decided to exercise the green shoe option in full in case of OGDCL's
IPO. The government had invited applications from Nov-10-15, 2003 for 2.5%
shares (107.5 million) of OGDCL with a green shoe option of an additional 2.5%
shares in case of over-subscription.
The meeting highly complemented the Privatisation Commission, Ministry of
Petroleum & Natural Resources and Oil & Gas Development Company Limited and
other stakeholders on the unprecedented success of the Initial Public Offer
(IPO) of OGDCL, which received overwhelming response from the general public
and institutional investors. According to preliminary details received from
the Lead Manager for the Transaction, KASB Securities, subscription may exceed
the figure of Rs.20 billion which indicates over subscription to the extent of
six times. Preference will be given to the smaller applicants for the minimum
lot of 1000 shares for the Initial Public Offering (IPO) of 2.5 % shares
(107.5 million shares).
The Cabinet Committee on Privatisation (CCOP) also approved the highest bid
offered by Star Cotton Corporation of Rs. 10.85 per share received for the
sale of State Cement Corporation of Pakistan (SCCP)'s 90 % shares (71,797,050
shares) in Thatta Cement Company Limited (TCCL) here today.
The meeting was informed that 10 % shares of TCCL had been allocated for the
employees and in case the employees did not opt for theses shares, then the
successful buyer is bound to pick up these shares on the same price per share
already offered by him for Rs. 86.5 million. In addition to this the
successful buyer will pay about Rs 77.1 million as Golden Hand Shake/ V H
Scheme and he will also pay a loan of Rs. 247. 6 million to SCCP. The payments
to be made by the buyer for this transaction come to Rs. 1.19 billion.
The CCOP also expressed its satisfaction and appreciation regarding the third
Public Offer of 13.1 million shares of National Bank of Pakistan (NBP), which
received applications worth Rs. 1.22 billion, which was double the required
amount in response to its offer to the general public. Subscription for this
issue was scheduled during October 13-15, 2003.
While reviewing the present status and the progress of Habib Bank Limited (HBL)
privatisation, the meeting was informed that the potential bidders were in the
process of completing their due diligence. A meeting was held with the
potential bidders and the matters to take the transaction forward towards
bidding point were discussed in detail. HBL is Pakistan's second largest
commercial bank, having a countrywide and international branch network. HBL
has full service licence covering commercial, retail banking, consumer and
investment banking activities in Pakistan and most of the other countries
where it is present. HBL has an extensive domestic network consisting of 1,425
branches with a market share of approx. 20%. The CCOP directed the PC to
accelerate the process of HBL's privatisation.
Mr. Shaukat Aziz, Federal Minister for Finance chaired the meeting, while
Dr. Abdul Hafeez Shaikh, the Federal Minister for Investment & Privatisation,
Mr. Owais Ahmed Khan Leghari, Minister for IT & Telecom and senior officials
of the Ministries/ Divisions concerned were present in the meeting.