|
|
|
|
|
The Privatisation Commission has announced that the physical shares
certificates of Pakistan Petroleum Limited (PPL) along with the transfer deeds
have been delivered to the bankers to the offer. Applicants have been asked to
collect their shares from the bank/ branch through which they tendered their
application. The Central Depository Company of Pakistan (CDC) has also
credited the shares to those applicants who opted to receive shares in their
accounts in Central Depository System. For signature verification and transfer
of shares the successful applicants should contact Share Registrar for
PPL Ferguson Associates (Pvt) Ltd, Karachi on phone: 021-2423650-2424380
Fax: 021-2427938.
The Privatisation Commission received a record number of 7,55,000 applications
from the smaller applicants for 500 shares. The computer balloting selected
205,750 successful applicants on August 4, 2004 at Karachi.
The IPO of PPL shares was opened from July 19 to July 22, 2004 for four days
at the Government's offer price of Rs.55/= per share. 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 was Elixir Securities Pakistan (Pvt) Ltd.
PPL is the fifth company after NBP, OGDCL, SSGC and PIAC whose shares were
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 had 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 were invited in multiples of 500 shares. In line
with the government's objective of 'Privatisation for the People', preference
in allocation has been given to the smallest applicants for 500 shares for a
total investment of Rs.27, 500/=. Whereas it directly benefited the small
investors and also helped in broadening the shareholder base and lend
additional strength to the market. The listing of PPL has added significantly
to market capitalization. It is expected that PPL would become one of the
highly traded stocks in the stock markets.