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Dr. Abdul Hafeez Shaikh Federal Minister for
Privatisation & Investment will chair the open balloting for the recent
Initial Public Offering of Pakistan Petroleum Limited (PPL) shares among the
smaller applicants for 500 shares being held on August 4, 2004 (Wednesday) at
Sheraton Hotel Karachi at 7 p.m. by the appointed Balloter Sidat Hyder Morshed
Associates.
After balloting the shares will be transferred to CDC or Physically dispatched
by end August. Prior to balloting the balloter will make a presentation
regarding the process and the software. The balloting will be open for the
general public for transparency and satisfaction of the people. The computer
will randomly pick out numbers of the successful applicants. List of the
successful ones will be sent to main branches of banks on August 5, 2004 for
onward transmission to the respective branches. Refunds to unsuccessful
applicants will be completed by August 14, 2004. The Privatisation Commission
received a record number of 7,55,000 applications from the smaller applicants
for 500 shares. The computer balloting will select 205,750 successful
applicants.
The IPO of PPL shares opened from July 19 to July 22, 2004 for four days at
the Government's offer price of Rs.55/= per share. PC held road shows in all
the major cities of the country including Islamabad, Karachi, Lahore, Quetta
and Peshawar to inform the general public and the investors regarding the
procedure to apply, the worth of PPL and the risks involved. Lead Manger to
the transaction is Elixir Securities Pakistan (Pvt) Ltd.
PPL is the fifth company after NBP, OGDCL, SSGC and PIAC whose shares are
being offered to the general public through the Capital Market. It is one of
the large companies in the oil & gas exploration and production sector and is
the owner of the Sui Gas fields.
The government has approved the divestment of PPL shares through an Offer for
Sale of 10% (68.58 million) of the company's issued shares to the general
public with a green shoe option of additional 5% shares in case of over
subscription. Applications are being invited in multiples of 500 shares. In
line with the government's objective of 'Privatisation for the People',
preference in allocation will be given to the smallest applicants for 500
shares for a total investment of Rs.27, 500/=. Whereas this will directly
benefit the small investors it will also help in broadening the shareholder
base and lend additional strength to the market. The listing of PPL will also
add significantly to market capitalization. It is expected that PPL would
become one of the highly traded stocks in the stock markets.