Pakistan Petroleum Limited’s secondary public offering – cabinet committee on privatization (CCOP) approves sale of 2.5% of GOP shares of PPL

Karachi: The Cabinet Committee on Privatization met in Islamabad on 22 March, 2012 under the chairmanship of Federal Minister for Finance and Economic Affairs, Dr. Abdul Hafeez Shaikh. The Committee agreed in principle to approve the summary moved by the Privatization Commission, Ministry of Privatization for the Transaction Structure and Pricing for Pakistan Petroleum Secondary Public Offering (SPO).

The summary has authorized Finance Minister to ratify the strike price determined through book building process or resolve to meet urgently to decide on the strike price. The Federal Minister for Finance as the Chairman of the CCOP, after much deliberations on the Floor Price and proposed Transaction Structure, has decided to constitute a sub-committee under Federal Minister for Water and Power, Syed Naveed Qamar with Federal Minister for Petroleum and Natural Resources, Dr Asim Hussain, Secretary Privatization, and Chairman SECP, to fine tune the transaction structure, Floor price and other aspects of the proposal and they will submit their report/recommendations to the Chairman shortly

In the summary, the Privatization Commission has proposed to the CCOP for the sale of 2.5% of the Government shareholding of the PPL through the transaction structure which envisages 50% of the 2.5% Government share to be offered to institution Local/ foreign and high net worth individuals through book building, 25% of the 2.5% Government shares to be offered to foreign investors through preferential allocation and 25% of the 2.5% GOP owned shares to be offered to general public through a subscription.

For more information, contact:
M. Mubbashar Siddique
Company Secretary
Pakistan Petroleum Limited
PIDC House, Dr Ziauddin Ahmed Road,
Karachi-75530, Pakistan.
Tel: (021) 35651480-98, 35857730-39, 35681391-95
UAN: (021)111-568-568
Fax: 92-21-35680005 and 92-21-35682125