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The SECP and KSE have allowed Privatisation Commission (PC) to publish the
Offer for Sale Document (OFSD) and to initiate subscription for Sale of shares
of Pakistan Petroleum Limited ('PPL') through Lead Manger Elixir Securities
Pakistan (Pvt) Ltd w.e.f from July 19 to July 22, 2004 during banking hours at
the Government's offer price of Rs.55/= per share for the Initial Public Offer
(IPO) The price for PPL IPO will be inclusive of the transfer fee and thus no
additional transfer fee would be charged to the subscribers.
All the three stock exchanges of the country, Karachi, Lahore and Islamabad
had already cleared the Initial Public Offer (IPO) for Sale of shares of
Pakistan Petroleum Limited ('PPL') by the government.
The government has approved the divestment of 15% shares of PPL through an
Offer for Sale of 10% (68.58 million) of the company's issued shares to the
general public with a green shoe option of additional 5% shares in case of
over subscription. Applications are being invited in multiples of 500 shares.
In line with the government's objective of 'Privatisation for the People',
preference in allocation will be given to the smallest applicants for 500
shares for a total investment of Rs.27, 500/=. Whereas this will directly
benefit the small investors it will also help in broadening the
shareholder base and lend additional strength to the market. The listing of
PPL will also add significantly to market capitalization. It is expected that
PPL would become one of the highly traded stocks in the stock markets.
PPL is the fifth company after NBP, OGDCL, SSGC and PIAC whose shares are
being offered to the general public through the Capital Market during the last
one-year. It is one of the large companies in the oil & gas exploration sector
and is the owner of the Sui Gas fields.
Road shows / marketing presentations will be held in different cities of the
country including Karachi, Lahore, Peshawar, Quetta, and Islamabad to make the
public aware of the attractiveness of the investment opportunity and to
educate them on the procedure for applying for the shares. Similar road shows
are also being planned for overseas Pakistanis in the Middle East. Prior to
the subscription period, investors are advised to open their individual
accounts at the Central Depository Company ('CDC') for receiving the shares
early. People opting for physical shares would need at least one extra month
to be able to sell their shares.