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The Privatisation Commission has confirmed that refunds in respect of
unsuccessful applications for Pakistan Petroleum Limited (PPL) shares have
been completed through their accounts in the respective Banks branches where
they filed their applicants. Unsuccessful applicants have been advised to
check for refunds from their banks. Those who had applied through pay orders
may collect their pay orders from the same banks where they had submitted
their applications.
Subscription for PPL shares was held during July 19-22, 2004, which set a new
historic record of participation, by the citizens of Pakistan as more than
755,000 applications worth Rs. 21 billion were received. Open balloting was
held in the presence of media and the general public on August 04, 2004 to
select 205,750 successful applicants. The government has realized proceeds of
Rs.5.65 billion from this
Capital market transaction.
Processing of shares, both, physical as well as scripless, is continuing and
delivery of physical share certificates as well as credit to CDC accounts of
investors is expected to be completed in the last week of August 2004.
PPL is the fifth company after NBP, OGDCL, SSGC and PIAC whose shares were
offered to the general public in line with the government's objective of'
Privatisation for the People'. Preference was given to the small investors for
500 shares for transferring the benefits of privatisation to the common man
and to broaden the shareholder base.
Formal listing of PPL shares at the stock exchanges is expected during
September and will add significantly to market capitalization. PPL has already
become one of the ighest traded stocks in the stock markets even though it is
being traded on the provisional counter.