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The Cabinet Committee on Privatisation which met here today under the
chairmanship of Mr. Shaukat Aziz, Federal Minister for Finance approved the
proposal to increase the offer size of Initial Public Offerings (IPO) of GOP’s
shareholding in Pakistan Petroleum Limited (PPL) and Kot Adu Power Company (KAPCO).
CCOP also approved the highest offer of Rs.255/= per share i.e. Rs.80. 715
million received from Mr. Iqbal Khan for the sale of 60.41 % (3,16,530) shares
of Kohinoor Oil Mills Limited (KOML). The bidding for the Mill was held on May
04, 2004.
The CCOP gave approval for the divestment of Pakistan International Airlines
Company (PIAC) secondary Public Offering of 5 % shares with a green shoe
option of additional 5 % shares in case of over subscription.
The shares for PPL, KAPCO and PIA would be offered in the lot of 500 so that
the benefit of the offering could reach the common man. The meeting decided to
offer 10% shares of PPL with 5% green shoe option for over subscription.
While approving these divestments, the CCOP observed that besides deepening
and broad basing the Capital Markets, such divestments are an effective way of
bringing in good corporate governance through prescribed disclosures
requirements and placing these units under the Securities Exchange Commission
of Pakistan (SECP) rules.
It was also decided that PC would sell the plant and machinery of Bolan
Textile Mills, Quetta and the land would be used by the provincial government
for the Balochistan University of Information Technology and Management
Science (BUITMS) for non-commercial educational purpose.
The Federal Ministers Dr. Abdul Hafeez Shaikh, Mr. Nouraiz Shakoor, Mr. Owais
Ahmed Khan Leghari, Mr. Liaquat Ali Jatoi, Deputy Chief Planning Commission,
the Federal Secretaries of the respective Ministries, senior officials of
Finance Division, Privatisation Commission and Securities Exchange Commission
of Pakistan attended the meeting.