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The secondary Public Offering of Sui Southern Gas Company (SSGC) shares,
which opened on Monday, will be closed on Wednesday February 11, 2004. On the
second day, a large number of individuals deposited their
application forms in the respective bankers to the offer.
Those who could not participate in the IPO of OGDCL are also participating in
this issue. Application forms are being obtained from the Bankers to the
offer, all the three Stock Exchanges of the country and the web sites. Many
people have already managed to submit their applications using forms in the
newspapers on Sunday.
The Applicants who do not have accounts in any of the Bankers to the Offer can
deposit their applications at any of the Bankers to the Offer along with a pay
order for a minimum of 1000 shares. However, the application forms should
clearly give details of their bank accounts for facilitating refunds.
There are 14 bankers to this offer namely Allied Bank, Askari Commercial Bank,
Bank Al Habib, Faysal Bank, First Women Bank, Habib Bank, Jahangir Siddiqui
Investment Bank, KASB Bank, Meezan Bank, Metropolitan Bank, Muslim Commercial
Bank, National Bank of Pakistan, PICIC Commercial Bank, and Union Bank. The
Privatisation Commission has advised all the Bankers to the offer to
facilitate the people and guide them in filling and depositing the
applications. The Bankers to the offer have also been asked to issue immediate
instructions to all their branches including those in the far-flung areas to
provide necessary assistance to the general public in depositing their
application forms.
The intending applicants may download the application forms from the following
websites: www.privatisation.gov.pk,www.ssgc.com.pk,www.amzsec.com.pk and
www.meezanbank.com. These forms can be deposited along with copies of the
applicants NICs and accompanied by a crossed cheque or pay order or the funds,
clearly mentioning account as "A/c OFFER FOR SALE OF SHARES OF SUI SOUTHEREN
GAS COMPANY LIMITED".
First preference will be given to smaller applicants for the minimum lot of
1000 shares for the Public Offering of 5 % shares (33.56 million shares) of
SSGC (with a green shoe option of additional 5 % shares in case of over
subscription), being offered at a price of Rs. 26/ = per share (including a
premium of Rs. 16/=) with an expected proceeds from the 10 % share offering to
the tune of Rs. 1.74 billion. Second and third preference will be given to the
applicants for 2000 and 3000 shares respectively, while the applications for
bigger denomination would be decided on pro rata basis.