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In the Initial Public Offering (IPO) of 20 % (176 million) shares of Kot
Adu Power Company (KAPCO) has broken all the previous record of participation
with a response from 1.4 million people, which is four and half time above
than the required participants, including 1.39 million resident and 10,000
overseas/ non-resident Pakistanis. Dr. Abdul Hafeez Shaikh Federal Minister
for Privatisation & Investment stated this while addressing a well-attended
press conference here today.
The Minister said that with the completion of balloting for successful
applications on March 4, 2005 (tomorrow Friday) two days before the due date
at Karachi, a total number of 3,16000 small investors would be benefited,
which would be displayed on PC web site: www.privatisation.gov.pk and the
results would also be available with the respective branches of the banks
where the applicants have deposited their applications while the refund of
unsuccessful applicants would be completed by March 14, 2005 through their
bank accounts.
The government would get Rs.5. 28 billion proceeds through this transaction
after exercising the green shoe option while 2 % shares of 10 % IPO would be
given each to KAPCO and WAPDA employees, he said.
He said that the unprecedented participation in such a large number by the
common citizens reflects that the general public was adopting it by reposing
their confidence in the program, 'Privatisation for the People' with great
enthusiasm. So far, through such public offerings 400,000 people have been
benefited against their savings of Rs.17 billion to the tune of Rs.67
billion due to appreciation in the value of the shares of NBP, SSGC, OGDC and
PPL while KAPCO would raise thec number of beneficiaries to 716,000
families who would get benefit worth Rs.55 billion, he said.
Dr. Hafeez Shaikh further said that the people should get prepare their
computerized NIC and open their bank accounts for the upcoming offerings of
UBL and SlLIC being scheduled before June 30, 2005. In order to facilitate the
small investors the applications for KAPCO were restricted to 500 shares only,
help line was set up for resolving the problems and guidance, he added.
Replying to a question the Minister said that on the request of various
interested investors groups who were in the process of forming consortiums
with Pakistani partners, the last date for receiving RSOQ for PSO has been
extended to April 15, 2005 to facilitate them. So far five international
players have shown their interest in PSO, which would be formally announced
on the receipt of EOIs/ RSOQs, he said.
He said that the process was underway to handover KESC while the pre-
ualification committee for PTCL has completed its work, which would be
announced after PC Board meeting being schedule for March 12, 2005.