ISLAMABAD (September 16 2003): The Sui Southern Gas Company is likely to be listed on the stock exchange during the second quarter of the current fiscal year for the sale of its 10 percent share through bourses.
The process of listing on the stock exchange would be completed by the end of November, sources told Business Recorder here on Monday.
The Cabinet Committee on Privatisation (CCOP) had approved the sale of 10 percent share of SSGC to be sold through bourses during the first quarter (June-September) of the current fiscal year but the task was not accomplished in the first quarter.
The green shoe options means that if the public response is higher than 5 per cent shares then the sale of shares could be enhanced to a total of 10 percent instead of returning the money to the applicants.
Sources said that the total shares of SSGC are about 660 million, of which 10 percent would be offered for sale, which means that 66 million shares of the company would be available for sale in November.
Sui Southern Gas Company (SSGC) is Pakistan's leading integrated gas company.
The company is engaged in the business of transmission and distribution of natural gas besides construction of high-pressure transmission and low pressure distribution systems. SSGCL transmission system extends from Sui in Balochistan and its distribution activities cover over 650 towns in Sindh and Balochistan.
About the listing of the National Bank, sources said that it would be listed at the end of September, or first week of October.
They said that 3.2 percent shares of the bank would be available for sale.