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KSE receives application for PPL listing

KARACHI (June 12 2004): The Karachi Stock Exchange (KSE) has received application for listing of the Pakistan Petroleum Limited (PPL), according to a release issued by the KSE on Friday.

The total paid-up capital of the company is Rs 6.858 billion and the Government of Pakistan, out of its shareholding in the company, will offer 10 percent of the total capital to the public.

In case of oversubscription, the government will offer additional 5 percent of the company's share under green shoe option, KSE managing-director Moin M. Fudda said.

The shares of the PPL are being offered to the general public through stock exchanges as part of the government's privatisation policy.

The listing of the PPL will make a substantial contribution in raising the existing market capitalisation of the exchange and would add new dimension to the market diversity.

As a result of 15 percent of the government public offering in the capital of the company amounting to Rs 1.028 billion, 205,751 small applicants would be able to mobilise their savings while applying for 500 shares of the company, Fudda said.

Keeping in view the hardship faced by the applicants in the recent public offerings, in the matter of credit of shares through book entry, Fudda advised applicants to open their own investor's account under Investors Account Services (IAS) of the CDC.

The exchange highly appreciated the government's decision to use the capital market platform in pursuance of its privatisation policy, which is significantly contributing towards improving the depth of the capital markets of the country, Fudda added.

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