|
|
|
|
|
The government intends to directly involve the general public in the
privatization process and offer the ensuing benefits in a much quicker,
transparent and direct manner the divestment of PIAC's shares through the
Capital markets is the fourth in the series being offered from June 7 to 9,
2004, during banking hours.
Pir Saad Ahsanndin, Chairman Privatisation Commission's Divestment Committee
and Member Board of Privatisation Commission stated this while addressing the
first road show for the investors for PIAC shares Public Offering, organized
by the Privatisation Commission and the Lead Manager KASB Securities here
today.
He said that the earlier public offerings of NBP, OGDCL and SSGC have played
significant role in the development, strengthening, broadening and deepening
the capital market and it had also transferred the benefits of privatization
to the people and increased the value of shares manifold. PC had so far
realized Rs.42 billion through the privatization process during the past
eighteen months, he said.
Earlier, Mr. Azhar Iqbal of KASB Securities while making a detailed
presentation informed that annual growth of 7.8 % has been witnessed in PIAC
accounts. He also briefed the audience regarding the salient features of the
company's financial performance, restructuring and investment highlights.
Addressing on this occasion Mr. Kaleem Malik DMD of PIAC said that now
profitability in the company was on rise and in the first quarter of 2004
Rs.1. 4 billion pretax profit has been noticed. For the year ending December
31, 2004 PIAC has declared a dividend at the rate of 5 %. The existing route
network has been increased from 7 to 50 destinations due to fleet
modernization while outsourcing of non-core activities and restoring the image
as an airline of international repute were among the future strategies, he
added.
The briefing was followed by Q & A session. After holding first Road Show at
Lahore the Privatisation Commission and Lead Manager KASB Securities for the
PIAC shares Public Offering will hold second Road show at Marriott Hotel,
Islamabad at 4 p.m. on Tuesday June 01, 2004 as a part of the planned series
of Road Shows/marketing presentations to inform the investors of the
opportunity to invest in shares of the national flag carrier, Pakistan
International Airlines Corporation. Dr. Abdul Hafeez Shaikh Federal Minister
for Privatisation & Investment will address the event while PIAC Management,
Members PC Board, representatives of Stock Exchanges, Brokerage Houses,
Chambers of Commerce and Industries, the representatives of the print and
electronic media and the general public will be present on this occasion.
The third and final Road Show will be held in Karachi on June 04, 2004. The
offer price for the Offer for Sale of up to 10% A Class (115 million) shares
of PIAC has been fixed at Rs.20/- per share and applications can be made for
500 shares or multiples thereof through the authorized Banks. The minimum
amount of investment would be Rs.10,000/- for buying 500 shares and preference
would be given to small investors as per the Government's policy of benefiting
the common man. The subscription will open from June 7,2004 to June 9, 2004.
Investors applying for shares for deposit in CDC accounts will not be required
to pay any transfer fee. However, investors applying for physical shares
through Bankers to offer will have to pay additional 15 Paisa per share
applied for. Applications forms will be available in the first week of June
2004 from authorized banks. Forms will also be available at the websites of
the Privatisation Commission, lead manager to the offer and PIAC from May 31,
2004 and in the newspapers of June 06, 2004.