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After remarkably successful Global Depository Receipts (GDRs) of Oil & Gas
Development Company Limited (OGDCL) United Bank Limited (UBL) and the largest
ever Initial Public Offering of Habib Bank Limited (HBL) which was
oversubscribed 2.33 times, the government is keen to maintain the momentum to
strengthen, deepen and broaden the base of Capital Markets through the public
offerings of shares of public sector entities shares.
Mr. Zahid Hamid Federal Minister for Privatisation & Investment stated this
while chairing a meeting of the Privatisation Commission (PC) Board here
today.
The PC Board was informed that the successful completion of the HBL IPO
represents yet another milestone achieved by the Privatisation Commission. The
HBL IPO is the largest offering ever in Pakistan in terms of both value and
number of successful applicants. Total subscription of PKR 18.94 billion has
been received against a base offer of PKR 8.11 billion (excluding Greenshoe
Option). The HBL-IPO consisted of a 5% offer (34.5 million shares) with an
additional Greenshoe Option of 2.5% (17.25 million shares).
Keeping the objectives of the Government’s “Privatisation for the People”
program, shares were offered for the first time in lots of 100 and multiples
of 100 up to 500 shares and thereafter multiples of 500 shares. This made the
subscription affordable for the common man. The subscription of HBL shares
commenced on July 26, 2007 and closed on July 31, 2007.
The PC Board constituted a pre-qualification committee for the privatisation
of 26 PTDC’s motels and restaurants, which received encouraging response from
37 parties. The meeting also reviewed the progress and status of various
ongoing and upcoming transactions including Initial Public Offering (IPO) of
Pakistan Steel Mills Corporation (PSMC), Services International Hotel,
Republic Motors and Hazara Phosphate & Fertilizers Limited.
Earlier, the PC Board condoled the tragic death of its Secretary Mr. Arif
Mansur and his wife. The participants offered ‘fateha’ for the departed souls
and lauded the services rendered by late Mr. Arif Mansur stating him as a
hardworking, intelligent, devoted, honest and outstanding civil servant.
Members of the Board of the Privatisation Commission, senior officials of the
respective Ministries and departments attended the meeting.