Rs 35 per share fixed for Kapco IPO

ISLAMABAD (December 16 2004): The Privatisation Commission board has determined the per share price for Kot Addu Power Company (Kapco) at Rs 35 for its initial public offering (IPO). Sources said that the Privatisation Commission board in its last meeting determined the price for Kapco shares IPO and now it would be presented to the Committee of the Cabinet on Privatisation (CCoP) for final approval.

Sources told Business Recorder here on Wednesday that the Privatisation Commission board's recommendations are ready for the CCoP consideration, which would meet after the return of Prime Minister Shaukat Aziz from China visit.

The prime minister, who also holds the office of the finance minister, would chair the CCoP meeting.

The sources said, “The CCoP would meet soon after the return of Prime Minister Shaukat Aziz from his official visit to China and Kapco's share offer would be very much on its agenda.”

The government plans to offer initial public offering (IPO) of 20 percent shares of Kot Addu Power Company (Kapco) through Karachi, Lahore and Islamabad stock exchanges.

The sources said the Kapco IPO would be offered for subscription in the last week of the current month. Encouraged by the overwhelming response from the public for the Oil and Gas Development Company Limited (OGDCL), the Privatisation Commission is actively engaged in finalising subscription for Kapco IPO before the end of the current calendar year.

An official of the Privatisation Commission in his comments on the issue said, “It's very important for the Privatisation Commission to meet the deadline of December 31 for the IPO of Kapco and on the same basis it was being referred to the CCoP for approval on top priority basis. The government plans to adhere to its policy of “privatisation for the people” to benefit the common citizens/small investors by offering IPOs in small lots.

Kapco is a profit-making company and the government authorities are expecting good response from the public for its IPO.

The IPOs of many other state-owned institutions such as United Bank Limited (UBL), State Life Insurance Corporation (Slic), secondary public offering of OGDCL and Pakistan Petroleum Limited (PPL) is on the cards.

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