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The last day of the secondary public offering of 5% (33.56 million) shares
of Sui Southern Gas Company (SSGC) shares witnessed enthusiastic response from
the general public. During the three days of public subscription, long queues
were seen outside many branches of the bankers to the offer. Many overseas
Pakistanis also submitted their applications at local banks.
The allotment register containing the list of successful applicants will be
finalized by February 21, 2003. As per the government's decision, first
preference would be given to applicants for the minimum lot of 1000 shares
Second and third preference will be given to the applicants for 2000 and 3000
shares respectively, while the applications for bigger denominations would be
allotted shares on pro rata basis out of the left over shares, if any.
Refunds to unsuccessful applicants will be completed by March 02, 2004. Such
refunded money shall be credited to the bank accounts of unsuccessful
applicants. Shares, whether physical or through the Central Depository Company
(CDC), will be dispatched to the successful applicants by March 12, 2004.
Applicants receiving shares in their CDC accounts will be able to sell them
through any member of the stock exchanges. Those receiving physical share
certificates will have to open a CDC account and deposit the shares in those
accounts before selling. However, such sale will have to be routed through a
member of the Karachi, Lahore or Islamabad Stock Exchange.
The Privatisation Commission had advised all Bankers to the offer to
facilitate the people and guide them in filling and depositing the
applications. The Bankers to the offer were also asked to issue 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.
All citizens of Pakistan were eligible for applying for these shares. SSGC
employees were also allowed to participate.