The Privatisation Commission has confirmed that refunds in respect of unsuccessful applications for Pakistan Petroleum Limited (PPL) shares have been completed through their accounts in the respective bank branches where they filed their applications.
Unsuccessful applicants have been advised to check for refunds from their banks. Those who had applied through pay orders may collect their pay orders from the same bank where they had submitted their applications.
More than 755,000 applications worth Rs 21 billion were received. Open balloting was held on August 4, 2004 to select 205,750 applicants. The government realised Rs 5.65 billion as proceeds from this capital market transaction.
Processing of shares is continuing and delivery of physical share certificates and credit to CDC accounts of investors is expected to be completed in the last week of August.
Formal listing of PPL shares at the stock exchanges is expected during September and will add significantly to market capitalisation.
PPL has already become one of the highest traded stocks in the stock markets even though it is being traded on the provisional counter.
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