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The Initial Public Offering (IPO) of Pakistan Petroleum Limited (PPL)
shares, which was opened on Monday July 19,2004 will enter the fourth and
final day of subscription on July 22, 2004 (Thursday) during banking hours.
Tomorrow being the last day for receiving the applications is expected to
witness historic response. No extension in subscription date will be made. PPL
shares are offered at the Government's offer price of Rs.55/= per share. The
price for PPL IPO is inclusive of the transfer fee and thus no additional
transfer fee would be charged to the subscribers.
The third day of PPL shares subscription also received enthusiastic and
overwhelming response from the general public and long queues were witnessed
out side the branches of the bankers to the offer in all the major cities and
the rural areas of the country.
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.
PPL is the fifth company after NBP, OGDCL, SSGC and PIAC whose shares are
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.
PC held road shows prior to the opening of the PPL shares subscription, 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.