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The amount received in excess of Rs. 604 million for the third Public Offer
of 13.1 million shares of National Bank of Pakistan (NBP) has been refunded to
the applicants. Privatisation Commission 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.
The government offered 13.13 million shares of NBP to the public at a price of
Rs.46/= per share. Applications were invited in lots of 500 shares or
multiples thereof. Preference for allocation was given to the smaller
applicants for 500 shares. The remaining shares have been allocated to
applicants on prorata basis.
The government is presently making an Initial Public Offering of OGDCL, Public
Offerings of SSGC and PIAC. IPOs of PPL and KAPCO will follow in a
well-sequenced program. PC realized Rs. 6 billion plus through the divestment
of small number of shares of POL, ARL and DG Khan Cement in the early months
of the newly elected government, which was a record performance and also
indicative of market appetite.
The divestment of GoP shares in Public sector entities through Capital Market
is not only a very transparent mode of privatisation but it also fulfills the
Government's firm commitment to transfer the benefits of privatisation to the
common man and to make a significant increase in the market capitalization and
further broaden the base of ownership.