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All arrangements have been finalized by Privatisation
Commission to open Initial Public Offering (IPO) of Pakistan Petroleum Limited
(PPL) shares from July 19, 2004 Monday to July 22, 2004 (Thursday) to be
remained opened for four days 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. PC held road shows in all the major cities of the country
including Islamabad, Karachi, Lahore, Quetta and Peshawar to inform the
general public and the investors regarding the procedure to apply, the worth
of PPL and the risks involved. Lead Manger to the transaction is Elixir
Securities Pakistan (Pvt) Ltd.
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.
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 respective codes and the
names of 18 bankers to the offer are: 01-Allied Bank, 02- BN Amro Bank,
03-Bank Alfalah, 04-Bank AL Habib, 05-Faysal Bank, 06- irst Women Bank,
07-Habib Bank A.G.Zurich, 08-Habib Bank Limited, 09- ahangir Siddiqui
Investment Bank, 10-KASB Bank, 11-Muslim Commercial Bank, 12-Metropolitian
Bank, 13-National Bank of Pakistan, 14, Prime Commercial Bank, 15-Saudi Pak
Commercial Bank, 16-Sonari Bank, 17- tandard Chartered Bank and 18-United Bank
Limited.
It has been advised that in case of joint CDC accounts, the applicants can
apply upto a minimum of four applications. Such applicants will be required
to submit separate application for each or joint account holder along with
attested copy of NIC of the applicant. The applicants are required to attach
attested copy of new NIC along with application form. In case the applicant
has applied for the new NIC, the attested copy of old NIC with acknowledgment
receipt of the application of new NIC must beattached.
The application forms to be acceptable for subscription of the shares of
the company shall either contain rubber stamp of brokers with brokers code or
plain applications i.e., without any rubber stamp of the brokers. The
application forms can also be downloaded from the website of Privatisation
Commission www.privatisation.gov.pk , which are being published and will also
be available on July 18, 2004 in the national and regional dailies.
Photocopies of these forms are also acceptable.
All the investors are advised to avoid using the application forms for
subscription of shares of PPL, containing the printed name of members of the
Exchange with broker's code.