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The third subscription for the sale of the Public Offer for National Bank
of Pakistan (NBP) shares opened from Monday October 13, 2003, which concluded
on October 15, 2003 received over whelming response.
The applications in excess of worth Rs. 1.21 billion, double than the required
amount of Rs. 604 million for the offered 13.1 million shares, were received
within the stipulated period. The heavily oversubscribed response to the
government's offer of NBP shares demonstrates the confidence reposed by the
general public and investors in the government's consistency and continuity of
sustained economic and investment policies and has lent considerable support
to the government's privatisation initiatives.
Subsequent to the subscription process, all applicants shall initially be
allotted 500 shares each, irrespective of the size of their applications. The
remaining shares, if any, shall be allocated to the larger applicants on
prorata basis. The offer price was fixed with the approval of the Cabinet
Committee on Privatisation (CCOP) at Rs. 46/= per share. Elixir Securities and
Taseer Hadi Khalid & Co (co- Lead Mangers) are processing the transaction.
The government offered 3.2 % (13.13 million) additional shares of National
Bank of Pakistan (NBP) to the general public through the third offer for sale
of the Bank's shares.