Islamabad, June 25, 2014 (PPI-OT): Minister for Science and Technology, Mr. Zahid Hamid, chaired a meeting of the Cabinet Committee on Privatization (CCoP), today, at the Cabinet Block to consider floor price of GOP shares in Pakistan Petroleum Limited (PPL).
The CCoP approved the recommendation of the PC Board regarding the floor price for Book Building process for the offer of GOP shares in PPL transaction which is scheduled to start at 9 am PST tomorrow and will conclude at 5:00 pm PST on Friday June 27, 2014.
The ‘Strike price’, i.e. price of PPL share determined/discovered on the basis of Book Building and at which price PPL share will be offered to successful bidders, will be determined through the Dutch Auction Method.
The Minister of State for Privatization, Mr. Muhammad Zubair, in a detailed briefing, explained that the transaction structure of Pakistan Petroleum Limited (PPL) envisages offering 70 million shares to both international and domestic institutional investors and High Net Worth individuals (HNWI).
The transaction marketing road shows were held in Karachi, Lahore, Islamabad, Sialkot and Faisalabad from June 19, 2014 to June 23, 2014. Privatization Commission had got requisite approvals from Stock Exchanges and Securities and Exchange Commission of Pakistan relating to the transaction structure, allotment mechanism, and other approvals required for the transaction.
The meeting was attended by Minister for Commerce, Khurram Dastagir Khan, Minister for Information, Broadcasting and National Heritage, Senator Pervaz Rasheed, and Federal Secretaries of various ministries.
For more information, contact:
Director General (Media)
Ministry of Finance
Government of Pakistan
Room # 514, Block-’Q’, Finance Division,
Pak. Sectt. Islamabad
Phone: 92 51 9206382, 9211707
The post Minister for Science and Technology chairs meeting of Cabinet Committee on Privatization appeared first on AsiaNet-Pakistan.