Pakistan has plans for the foreign listing of Kot Addu Power Co (KAPCO), the country's largest private power producer, through the issuance of global depository receipts (GDRs) in October, the government said. No details on the size of the transaction were given.
Britain's International Power holds 36 percent of the company through its subsidiary, National Power (Kot Addu) Ltd, according to Kapco' website (www.kapco.com.pk). The government of Pakistan holds 46 percent through the state power utility, Water and Power Development Authority, and the remaining 18 percent is held by the public.
Privatisation Minister Naveed Qamar in a meeting held on Wednesday directed the Privatisation Commission, the body overseeing the sale of government assets, to complete all process for Kapco's listing, according to a statement by the commission. KAPCO was formally listed on the Pakistani bourse in April 2005, and carries a weightage of 1.25 percent on the main Karachi Stock Exchange's benchmark 100-share index.
Still pending is the planned GDRs of National Bank of Pakistan (NBP), for which the government in July last year appointed a consortium of Deutsche Bank, Morgan Stanley and local firm AKD Securities.
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