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After holding a road show at Islamabad today, the second Road Show for
Pakistan Petroleum Limited shares Initial Public Offering (IPO) is being held
at Serena Hotel, Quetta on July 8, 2004 (Thursday) at 4 pm, under the auspices
of Privatisation Commission and Lead Manger Elixir Securities Pakistan (Pvt)
Ltd.
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 management of the company and the Lead Manager will make presentations to
the investors and will apprise them about the production, progress, accounts
and the future plans of the company. The Representative of Central Depository
Company ('CDC') will also make presentation regarding the opening of CDC
account by the general public 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 Road Show will be followed by Q & A session. Road shows /
marketing presentations will also be held in other cities of the country
including 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.
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.