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The Privatisation Commission Board determined a price for the Initial
Public Offering of Kot Adu Power Company (KAPCO) to be finalized by the
Cabinet Committee on Privatisation (CCOP) in its upcoming meeting. The
decision was taken in PC Board meeting held under the chairmanship of Dr.
Abdul Hafeez Shaikh Federal Minister for Privatisation & Investment here
today.
Dr. Hafeez Shaikh said that the matters pertaining to the Initial Public
Offering (IPO) of 20 % shares of Kot Adu Power Company (KAPCO) through
Karachi, Lahore and Islamabad Stock Exchanges have been finalized and it was
set for subscription in the last week of the current month as per schedule.
The government was strictly adhering to the policy of 'Privatisation for the
People' to benefit the common citizens/ small investors through a sequenced
program of IPOs and the Secondary Public Offerings of the listed companies, he
added.
He further stated that after KAPCO, the government would offer IPO of UBL,
SLIC and secondary public offering of OGDCL while the efforts for the
strategic sale of OGDCL and PPL would continue simultaneously. The government
still owns 95 % shares in the State run exploration and production company
OGDCL. The soft marketing for the strategic sale of PPL was progressing ahead
and efforts were underway to invite EOI in the first quarter of 2005 and its
bidding was being targeted before the closure of the
current fiscal year, the meeting was informed.
The PC Board decided to recommend 2. 5 % secondary public offering of OGDCL
shares with green shoe option of an additional 2.5 % shares for CCOP's
approval.
The Board also agreed to include Pakistan Mineral Development Corporation (PMDC)'s
six salt and four coalmines in the Privatisation Program namely, Kalabagh Salt
Mine, District Mianwali, Punjab, Khewra Salt Mine, District Jehlum, Punjab,
Warcha Salt Mine, District Khushab, Punjab, Jatta, Karak and Bahadurkhel Salt
Quarries, District Karak, NWFP while coal mines are Lakhra, District Dadu,
Sindh, Sor-range, Sharigh and Degari in Balochistan Province. PC Board
constituted a committee comprising of representatives of PC Board members,
PMDC, provincial governments and Oil & Gas experts with a task to prepare the
transaction structure to proceed further for their transaction.
While briefing the PC Board regarding his meeting with WAPDA authorities at
Lahore held on Saturday the Minister informed that significant progress has
been made on evaluation and other issues of the power distribution companies,
which was essential prior to taking these companies to the bidding point.
Privatisation of Power sector entities was imperative for enhancing, improving
and upgrading the system capacities through quality players from the private
sector, said the Minister.
The Privatisation Commission Board also reviewed the progress and status of
Pak Arab Fertilizer Limited, Carrier Telephone Industries (CTI), PECO and
various other ongoing and upcoming transactions. The meeting reviewed the list
of new entities for inclusion in the Privatisation Program. The PC Board
members, senior officials of the respective ministries / departments and PC
attended the meeting.