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The Privatisation Commission ('PC') has appointed M/s. Elixir Securities
Pakistan Limited as the Lead Manager for the Initial Public Offering of shares
of Pakistan Petroleum Limited ('PPL') through a comprehensive and transparent
process.
After receiving proposals from firms/consortia on PC's panel of Lead Managers,
eight parties were declared technically pre-qualified. After opening of
financial proposals in front of representatives of all eight parties, three
parties namely, Elixir Securities Pakistan Limited, BMA Capital Management
Limited and Global Securities Limited who had submitted the lowest bids, were
short listed. Finally, balloting was carried out today i.e. March 22, 2004, in
front of representatives of all three parties and M/s. Elixir Securities was
declared successful.
PPL is a highly profitable company in the oil & gas sector and enjoys an
excellent reputation due to its professional management. The government holds
93.36% shares in the company and presently intends to divest up to 10% shares
in the company. After the successful listing of OGDCL, the listing of PPL is
anxiously being awaited by the market. This listing will add an important
option to the investor universe presently available to investors and is
expected to add significantly to market capitalization.
Keeping in view the historic and overwhelming response to the SSGC Offer for
Sale, similar response is expected for the PPL offering. This will bode well
for the capital markets while giving further boost to the government's
privatisation program. The most important outcome of this IPO is the expected
benefit that would accrue to the general public in line with the government's
slogan of "Privatisation for the People".
The Government has scheduled IPOs and secondary public offerings in a
well-sequenced manner, which includes Public Offering of PIA shares and
Initial Public Offering of PPL and KAPCO shares to be completed by June
30,2004.