PPL shares subscription from July 19

The Privatisation Commission (PC) is initiating subscription for the sale of Pakistan Petroleum Limited (PPL) shares from July 19 to July 22, 2004 during banking hours at the government's offer price of Rs 55 per share.
The price for the PPL IPO will be inclusive of the transfer fee, and thus no additional transfer fee would be charged to the subscribers.
The government has approved the divestment of PPL shares through an offer for sale of 10 percent (68.58 million) of the PPL's issued shares to the general public with a green shoe option of additional 5 percent shares in case of over-subscription.
Applications are being invited in multiples of 500 shares. In line with the government's objective of 'Privatisation for the People', preference in allocation will be given to the smallest applicants for 500 shares for a total investment of Rs 27,500, whereas this will directly benefit the small investors, and help in broadening the shareholder base and lend additional strength to the market.
In this regard, third Road Show of Pakistan Petroleum Limited shares initial public offer (IPO) is being held under the auspices of the Privatisation Commission and Lead Manager Elixir Securities Pakistan (Pvt) Ltd on Monday (July 12, 2004) at 4 pm at the Pearl Continental Hotel, Karachi, which will be addressed by Federal Privatisation and Investment Minister Dr Abdul Hafeez Shaikh. Two Road Shows have already been held at Islamabad and Quetta.
The management of the company and the lead manager will make presentations to the investors, and apprise them about the production, progress, accounts, and the future plans of the company.
The CDC representatives will give a briefing to the general public regarding the importance and opening of CDC accounts.
Prior to the subscription period, investors are advised to open their individual accounts at the Central Depository Company (CDC) for receiving the shares early. People opting for physical shares would need at least one extra month to be able to sell their shares.
The listing of the PPL will also add significantly to market capitalisation. It is expected the PPL would become one of the highly traded stocks in the stock markets. The PPL is the fifth company after NBP, OGDCL, SSGC and PIAC whose shares are being offered to the general public through the capital market.
It is one of the largest companies in the oil & gas exploration and production sector, and is the owner of the Sui Gas fields.