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The Cabinet Committee on Privatisation (CCOP), which met here today under
the chairmanship of Prime Minister Mr. Shaukat Aziz, approved the offer price
for the Initial Public Offering (IPO) of 20 % shares of Kot Adu Power Company
(KAPCO): 10 % main offer with additional 10 % green shoe option for the
general public in small lots of 500 shares to benefit the common man. The
shares are being offered through Karachi, Lahore and Islamabad Stock Exchanges
in January 2005.
CCOP also approved the Secondary Public Offering of 2.5 % OGDCL shares main
offer with additional 2.5 % shares through green shoe option and inclusion of
IPO's of State Life Insurance Corporation (SLIC) and Pakistan Steel Mills
Corporation (PSMC) in the Privatisation Program. The CCOP noted that the
Public Offering of KAPCO, SLIC, PSMC and OGDCL would also significantly add to
the market capitalization, broaden and further strengthen the base of the
Stock Market.
CCOP approved the reference prices for Karachi Electric Supply Company
(KESC), Pakarab Fertilizers Limited (PFL) and directed Privatisation
Commission to hold bidding for both the entities at the earliest.
The CCOP also agreed to include Pakistan Mineral Development Corporation (PMDC)'s
six salt and four coal mines in the Privatisation Program namely, Kalabagh
Salt Mine, District Mianwali, Punjab, Khewra Salt Mine, District Jehlum,
Punjab, Warcha Salt Mine, District Khushab, Punjab, Jatta, Karak and
Bahadurkhel Salt Quarries, District Karak, NWFP while coal mines are Lakhra,
District Dadu, Sindh, Sor-range, Sharigh and Degari in Balochistan Province.
PC Board had already constituted a committee comprising of representatives of
PC Boardmembers, PMDC, provincial governments and Oil & Gas experts with a
task to prepare the transaction structure to proceed further for their
transaction, the meeting was informed.
The CCOP reviewed the matters pertaining to the privatisation of Pak-American
Fertilizer Limited, Pakistan Engineering Company (PECO) and progress of
privatisation and gave necessary instructions to accelerate thepace of
privatisation process. CCOP allowed Privatisation Commission to publish it's
Annual Report 2004 and appreciated Privatisation Commission's performance
during the said period. The Federal Ministers Dr. Abdul Hafeez Shaikh, Mr.
Jehangir Tareen, Mr. Liaquat Ali Jatoi, Governor State Bank of Pakistan and
senior officials of Finance, Petroleum & Natural Resources, Privatisation &
Investment, Labour Manpower & Overseas Pakistanis, Water & Power, Industries &
Production, Securities Exchange Commission of Pakistan and PC attended the
meeting.