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Dr. Abdul Hafeez Shaikh, Federal Minister for Privatisation & Investment,
while inaugurating the balloting of Sui Southern Gas Company shares among the
applicants of 1000 shares declared 67117 applicants as successful at Karachi
on Monday.
He advised those who could not get the shares through balloting that they
should keep their savings ready for investing in the future public offerings
of PIA and PPL, being scheduled for March and April this year.
Dr. Hafeez Shaikh further stated that the technical teams were evaluating the
offer price for PIA and PPL which would be presented before the Privatisation
Commission Board and to Cabinet Committee on Privatisation for their approval.
The balloting was witnessed by a large number of people including the
representatives from print and electronic media.
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 around 67000 the government would
realize an amount of Rs. 1.7 billion for total 10 % shares, he said. The
balloting to determine the successful applicants was held today at Karachi,
keeping in view the ever highest number of applicants for 1,000 shares,
balloting was restricted to only this category of applicants.
He said that the government would continue to such offerings 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 and it would also further
deepen, broaden and strengthen the base of the Stock Market, he added.
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.