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The first Road Show of Pakistan Petroleum Limited shares Initial Public
Offer (IPO) is being held under the auspices of Privatisation Commission and
Lead Manger Elixir Securities Pakistan (Pvt) Ltd, which will be addressed by
Dr. Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment at
Islamabad on Wednesday (July 7, 2004) afternoon at Marriott Hotel, Islamabad.
The management of the company and Lead Manager will make presentations to the
investors and will apprise them about the production, progress, accounts and
the future plans of the company. Road shows / marketing presentations will
also be held in other cities of the country including Quetta, Karachi, Lahore
and Peshawar, 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. The Privatisation Commission (PC)
is initiating subscription for Sale of shares of Pakistan Petroleum Limited ('PPL')
w.e.f from July 19 to July 22, 2004 during banking hours at the Government's
offer price of Rs.55/= per share. The price for PPL IPO will be inclusive of
the transfer fee and thus no additional transfer fee would be charged to the
subscribers.
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. It is one of
the large companies in the oil & gas exploration and production sector and is
the owner of the Sui Gas fields.