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The Cabinet Committee on Privatisation which met here today under the
chairmanship of Mr. Shaukat Aziz, Federal Minister for Finance approved the
inclusion of Initial Public Offering (IPO) of GOP's shareholding in Kot Addu
Power Company in the Privatisation Program.
CCOP allowed the Privatisation Commission to hold the bidding for the sale of
Faletti's Hotel Lahore for building a quality hotel of international repute
within reasonable timeframe while ensuring that the new design of the Hotel
was in harmony with the existing architecture and preservation of its historic
identity.
Mr. Shaukat Aziz and the Cabinet Committee noted with appreciation the success
and commended the results of the secondary Public Offering of Sui Southern Gas
Company shares, which had set new record as regard to the over subscription.
Dr. Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment while
briefing the CCOP on the Public Offering of 5 % shares of Sui Southern Gas
Company (SSGC) said that the response from the applicants for 1000 shares
remained all time high to the tune of 258089 applications worth Rs. 13
billion, which was 15 time oversubscribed after the OGDCL IPO and it has also
confirmed the peoples' confidence reposed in the economic policies of the
Government. After exercising the Green Shoe option for another 5% shares to
accommodate maximum smaller applicants, the government had realized an amount
of Rs. 1.74 billion for total 10 % shares, he said.
The balloting for SSGC shares to determine the successful applicants was held
among the applicants of 1000 shares declaring 67117 applicants successful.
Keeping in view the ever-highest number of applicants for 1,000 shares,
balloting was restricted to only this category of applicants with a focused
approach of the Government to pass on the benefits of privatisation to the
general public, especially the small investors, and to broaden, strengthen and
deepen the base of the Stock Market, he added.
The meeting also gave go ahead for the privatisation of Telephone Industries
of Pakistan (TIP), Haripur and Career Telephone Industries (CTI), Islamabad.
The Federal Ministers Dr. Abdul Hafeez Shaikh, Mr. Owais Ahmed Khan Leghari,
Chairman BOI, Deputy Chief Planning Commission, the Federal Secretaries of the
respective Ministries, senior officials of Finance Division, Privatisation
Commission, Board of Investment and Securities Exchange Commission of Pakistan
attended the meeting.