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The Privatisation Commission has established Toll Free Help Line No.
0800-72150 for facilitate the general public for subscription in Initial
Public Offering of Kot Adu Power Company shares Upto 176,050,000 (20%) shares
of KAPCO (including green shoe option) commencing from February 21, 2005
(Monday). Subscription will remain open for four consecutive days till
Thursday, February 24, 2005 during banking hours. People have been advised to
submit only one application per National Identity Card as the applications of
people submitting more than one application will be rejected and the money may
be confiscated under the rules. The computerized draw will be held before
March 6, 2005 and the refunds to the unsuccessful applicants will be completed
by March 16, 2005. The KAPCO offer is open for both, resident as well as
overseas Pakistanis. The public will receive KAPCO shares in April 2005.
The Governor State Bank of Pakistan (SBP) and heads of all the Banks have
already issued instructions to all the branches to facilitate the general
public in subscribing to the KAPCO shares. In case they face any problem
during subscription, they should immediately call the HELP LINE for immediate
rectification of their problem. In case any bank official was found
non-responsive and non-cooperative, strict action would be taken against the
individual. The Chief Ministers of Punjab, Sindh, NWFP and Balochistan have
also been requested to inform the people of their respective provinces,
enabling them to avail the opportunity to get the direct benefits of
privatisation under the slogan, 'Privatisation for the People'.
The applicants can also deposit the required amount through the respective
branches where they are maintaining their account by cheques or in of the
branch of the bankers to the offer through pay order/ bank draft in case they
are not maintaining bank account along with an attested copy of NIC. Those
applying delivery of shares through CDC Group account may be given physical
shares if dispatch takes place after March 31, 2005 because Group CDC accounts
are stated to be non-operative after March 31, 2005. Therefore, it is advised
that the applicant may open his or her own CDC main or sub account through
broker.
The offer price per share has been fixed at Rs.30/- per share and
applications can be submitted for 500 shares only, requiring an investment of
Rs.15,000/- per application. Upto 176,050,000 (20%) shares of KAPCO (including
green shoe option) will be offered to the general public resulting in
potential proceeds of up to Rs.5.28 billion.
KAPCO is a highly profitable company with a good operational record. If the
ever-increasing response to the recent IPOs by the Privatisation Commission is
any indication, then a massive record-breaking response to the KAPCO IPO may
be expected. More than 316,000 applicants are expected to benefit from
balloting for KAPCO shares.
The listing of KAPCO would increase market capitalization significantly and
would bring a worthwhile addition, rather a leader, to the power sector
companies listed on the stock exchanges. The large quantity of shares offered
would also add to the liquid share float in the market. Global Securities
Pakistan Limited are the Lead Managers for the transaction.