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The Privatisation Commission has confirmed that applicants submitting
applications for KAPCO shares along with pay orders do not have to get their
bank account details verified from their banks. The account details only would
have to appear on the application form and no verification would be needed in
a bank for applying through that bank/ branch. However, the applicant should
have an account in some bank to facilitate refunds in cases of unsuccessful
applications. The Governor State Bank of Pakistan and the heads of major banks
have issued necessary instructions to their respective regions. They have been
asked to obtain the details of NIC, Bank name/ Branch, Account number and not
to ascertain any additional information from the applicants.
The Initial Public Offering (IPO) of KAPCO shares, which was opened on Monday
February 21,2005 will enter the fourth and final day of subscription on
February 24, 2005 (Thursday) during banking hours. Tomorrow being the last day
for receiving the applications is expected to witness historic response. No
extension in subscription date will be made. KAPCO share s are offered at the
Government's offer price of Rs.30/= per share with a total investment of
Rs.15,000/- only for 500 shares. The price for KAPCO IPO is inclusive of the
transfer fee and thus no additional transfer fee would be charged to the
subscribers.
The third day of KAPCO shares subscription also received enthusiastic and
overwhelming response from the general public and long queues were witnessed
outside the branches of the bankers to the offer in all the major cities and
the rural areas of the country.
Under the slogan of 'Privatisation for the People', through the sale of 20 %
(176 million) shares of KAPCO a number of 316000 common citizens of Pakistan
are expected to benefit to the tune of about Rs.5 billion in the light of
provisional trading of the scrip in the Stock market.