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Dr. Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment,
while appreciating the enthusiastic public response to the recent SSGC share offering stated that initial signs indicated the offering would be another
historic success and a step forward in Pakistan's privatisation record.
He said that the response from small investors, particularly from applicants for 1,000 shares, was highly encouraging. This would help the government in
realizing its objectives of providing benefits of privatisation directly to the
general public, especially the small investors, and developing the capital markets and such a significant increase in the number of investors
would help to further deepen, broaden and strengthen the base of the stock market, he
added.
Dr. Hafeez Shaikh further stated that OGDCL IPO, being a milestone in the country's privatisation history, had encouraged the small investors and had
also increased the confidence of the common man in the economic policies of the present government.
He reaffirmed the government's commitment that all policies were focused to wards the social uplift and economic development of the common men who
were the real heirs of the national assets of this country. We were taking all
such steps which were considered the best in the largest interest of the country
and the nation and he added that there was no compulsion or pressure on us from any side and we were going ahead with our privatisation program
to make the public sector entities efficient by bringing in quality players through a
competitive and transparent process.
He stated this during meetings with the delegations of domestic investors and PML workers from Sindh who called on him here today to congratulate on
the successful secondary Public Offering of 5% (33.56 million) shares of Sui Southern Gas Company (SSGC) shares, which witnessed
enthusiastic response from the general public during the last three days.
The Minister said that Pakistanis within or outside the country enjoyed equal opportunities to get the benefits of privatisation and all bottlenecks
would be removed if faced by the general public in the recent SSGC offering to furtherfacilitate the people in the upcoming Public offerings of the
State entities. The Privatisation Commission was all set to offer shares of
PIA, PPL, KAPCO and UBL to the general public in a well-sequenced manner and
proper spacing, he said.
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.