The response to Initial Public Offering (IPO) of the Pakistan International Airlines shares reflects the people confidence in the economic and privatisation policies of the government.
Finance Minister Shaukat Aziz made these remarks while chairing a meeting of the Cabinet Committee on Privatisation (CCoP) here on Saturday.
The minister said that the induction of new management in the PIAC by the government has brought the company to a turnaround position and it has started gaining the profit as well as improvement in the services.
The CCoP approved exercising of green shoe option for the PIAC offering to accommodate all the applicants.
The government had offered 5 percent (57.5 million) shares to the general public through the stock exchanges.
The figures received indicated that the response has crossed the required amount of Rs 1.15 billion, which stood at Rs 1.33 billion.
The CCoP also decided to hold subscription for the initial public offering of the Pakistan Petroleum Limited (PPL) 10 percent shares (68.58 million) in July 2004.
The Privatisation Commission informed the meeting that roadshows were being held within the country and abroad to extend this opportunity to overseas Pakistanis.
Privatisation Commission secretary Salim Gul briefed CCoP about privatisation schedule being undertaken over the next few months.
The CCoP took note of the tentative schedule for privatisation of KESC, Fesco and Pak-Arab Fertilisers target for September-October 2004.
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