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While implementing the policy of 'Privatisation for the People' more than
97000 small shareholders in OGDCL IPO received the benefit of Rupees seven
billion due to increase in the share value which is a record. Dr. Abdul Hafeez
Shaikh, Federal Minister for Privatisation & Investment stated this in a
ceremony held to celebrate the historic success of OGDCL IPO and its induction
in KSE-100 Index here today.
He said that in the past the poor people of the country had always suffered
but now we have ensured that privatisation should no more be a game of the
rich people. This which has been proven through the enthusiastic response by
the common man in OGDCL IPO and SSGC secondary Public Offering. This
confidence in the government's economic and privatisation policies had created
a momentum for other transactions like SSGC where a record number of 2,58000
applicants participated, he said.
Dr. Abdul Hafeez Shaikh said that the firm commitment and support from
President General Pervez Musharraf and Prime Minister Mir Zafarullah Khan
Jamali had enabled the Privatisation Commission to realize proceeds up to the
tune of Rs. 42 billion in the past one year otherwise all the hidden opponents
of privatisation would not have allowed us to do so. The liquidity was
available in the market for its growth and we were heading towards the
divestment through Public Offerings of GoP shares in PIAC, PPL and KAPCO in
May-June this year, he added.
He further stated that 10 % shares of PIAC were being offered to the general
public with a standard policy to give preference to smaller applicants and it
had been decided to give preference to even smaller applicants for 500 shares
to further broaden, deepen and strengthen the stock markets.
The Minister appreciated the efforts of the Privatisation Commission team, PC
Board, Ministry of Petroleum & Natural Resources, Ministry of Finance, CCOP,
SECP, OGDCL management and Lead Managers, KASB Securities who jointly made the
OGDCL IPO a historic success.
The Chairman OGDCL Mr. Afzal Khan, MD KSE and member PC Board Mr. Moeen Fudda,
Mr. Nasir Ali Shah Bukhari of KASB Group and Mr. Azhar Iqbal of KASB
Securities also spoke on this occasion.