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The Privatisation Commission of the Islamic Republic of Pakistan today
announced the details of the offering of OGDCL Shares to Pakistani retail
investors. The subscription period for the retail offering of 21,505,000
Shares at a price of PKR 110 per Share will commence on January 11, 2007 and
will close on January 13, 2007. The retail offer price represents an effective
discount of almost 3% to the price paid by institutional investors in the
international and domestic institutional offering that priced on November 30,
2006.
Following the close of the offer, balloting will take place on or around
January 23, 2007, with final allocations announced thereafter.
Commenting on the forthcoming retail offering, Zahid Hamid, Federal Minister
for Privatisation and Investment, said: “This retail offer of shares in OGDCL
is yet another important milestone in the government’s “Privatisation for the
People” program and represents an exciting opportunity for Pakistani nationals
to participate in the future growth of one of our country’s flagship
enterprises. OGDCL has the largest oil & gas reserves and exploration acreage
in Pakistan and with its planned expansion in exploration and production
activities, is well poised to benefit from the increasing demand for energy,
arising out of country’s rapid economic growth and forward march towards
progress and development.”
For further information please contact:
Xenith PR
Zainab Ansari | Faraz Salim - (9221) 534 3681-3
Summary of application process:
Full details of the application process can be obtained from the Offer For
Sale Document (OFSD), all potential investors should scrutinise this closely
before deciding to invest. A summary has been outlined below:
The Retail Offer will be open to:
Pakistani citizens resident in Pakistan
Companies, bodies corporate or other legal entities incorporated or
established in Pakistan (to the extent permitted by their constitutive
documents and existing regulations as the case may be)
Provident/pension/gratuity funds/trusts (subject to the terms of their Trust
Deed and existing regulations)
Branches in Pakistan of companies and bodies corporate incorporated outside
Pakistan
Copies of the OFSD and application forms can be obtained from members of the
Karachi Stock Exchange, Lahore Stock Exchange and Islamabad Stock Exchange,
BMA Capital, the registered office of OGDCL, and the following banks:
Allied Bank Limited
MCB Bank Limited
Askari Commercial Bank limited
National Bank of Pakistan Limited
Bank Alfalah Limited
PICIC Commercial Bank Limited
Bank Al-Habib Limited
Standard Chartered Bank
Faysal Bank Limited
The Bank of Punjab Limited
Habib Bank Limited
United Bank Limited
The Offer for Sale and application forms can also be downloaded from the
following websites:
www.privatisation.gov.pk
www.ogdcl.com
www.bmacapital.com/ogdcl/
Required information:
In the case of individual investors, an attested copy of Computerised National
Identity Card (CNIC) should be enclosed and the CNIC number indicated against
the name of applicant. Copies of CNIC can be attested by any
Federal/Provincial Government gazetted officer, Councillor, Bank Manager, Oath
Commissioner or Head Master of High School etc.
Original CNIC, along with one attested photocopy, must be produced for
verification to the bank at the time of presenting an application. The bank
branch along with the application will after verification, retain the attested
photocopy.
Only one application will be accepted against each account. In case of joint
accounts, one application will be accepted in the name of each of the joint
account holders.
Joint applications by more than four persons shall not be accepted
Subscription money must be paid by cheque drawn on the applicant's own account
payable to one of the bankers to the offer “A/c Offer for sale of OGDCL’s
shares by Government of Pakistan” and crossed “A/c Payee only” and must be
drawn on a bank in the same town as the bank through which the application has
been made. All applications must bear the signature and address corresponding
with that recorded with the bank in the applicant's account.
Applicants should ensure that the bank branch, on which their payment is made,
completes the relevant portion on the application form. This offer is being
made at a price of PKR 110/- per ordinary share of PKR 10/- each, inclusive of
a premium of PKR 100/- per share, but excluding the share transfer fee, which
is to be borne by the applicant at 15 paisa per share in case of physical
transfer and 1 paisa per share in the case of transfer under book entry
system. Application for shares must be made for 500 shares or in multiples of
500 shares only. Applications, which are neither for 500 shares nor for
multiples of 500 shares, shall be rejected.
The minimum amount of application for subscription of 500 shares is PKR
55,075/- in case of physical transfer and PKR 55,005/- in case of transfer
under book entry system. Applications below the value of PKR 55,075/- in case
of physical transfer and PKR 55,005/- in case of transfer under book entry
system shall not be entertained. Allotment of shares shall be subject to
scrutiny of applications for subscription. Applications, which do not meet
with the above requirements, or applications which are incomplete, will be
rejected. Fictitious and multiple applications are prohibited and such
application money shall be liable to confiscation under Section 18-A of the
Securities and Exchange Ordinance, 1969.