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Dr. Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment,
while addressing a crowded press conference here today said that during the
past 12 months the Privatisation Commission has realized about Rs. 42 billion
through the strategic sale of certain public sector entities and the public
offering of government shares in OGDCL, SSGC and other entities through Stock
Market.
Refereeing to the recent Public Offering of 5 % shares of Sui Southern Gas
Company (SSGC) the Minister said that the response from the applicants for
1000 shares remained all time high to the tune of 258089 applications worth Rs.
13 billion, which was 15 time oversubscribed after the OGDCL IPO and it has
also confirmed the peoples' confidence reposed in the economic policies of the
Government. After exercising the Green Shoe option for another 5 % shares to
accommodate maximum smaller applicants upto 67000 the government will realize
an amount of Rs. 1.7 billion for total 10 % shares and for this purpose
balloting to determine the successful applicants would be held on February 23,
2004 at Karachi, keeping in view the ever highest number of applicants for
1,000 shares, balloting would be restricted to only this category of
applicants.
He said that the government would continue to such offerings and in this
regard share of PIA scheduled to be offered in March, while shares of Pakistan
Petroleum Company (PPL) were being planned in April this year for the general
public to transfer the benefits of privatisation to the people of Pakistan as
per the government's policy. It was no more a game of rich people, now common
man could also benefit from the privatisation, he added.
Responding to a question the Minister informed that the management of Habib
Bank Limited (HBL) would be transferred to the Agha Khan Fund for Economic
Development (AKFED) on February 26, 2004, who gave the highest bid of Rs. 22.
409 billion for acquiring 51 % Strategic stake in HBL, the country's first
ever biggest transaction in the history of Pakistan's privatisation, bidding
held on December 29, 2003.