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Final Road Show for 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
Peshawar on Friday (July 16, 2004) at 4 p.m. at Pearl Continental Hotel,
Peshawar, which will be open to the general public. Four Road Shows have
already been held at Islamabad, Karachi, Lahore and Quetta.
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.
The government has approved the divestment of PPL shares 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.
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. While CDC representatives will give a
briefing to the general public regarding the importance and opening of CDC
accounts.
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.