October 10, 2003	Friday	Sha’aban 13, 1424

KARACHI, Oct 9: Karachi Stock Exchange on Wednesday granted clearance to the offer for sale documents of the forthcoming initial public offering (IPO) of the OGDCL.

A press release issued by the KSE on Thursday quoted the KSE MD Moin M. Fudda as saying that being the largest public offering after PTCL, the OGDCL would be a significant addition to the existing depth of the capital markets of the country and it would add a new dimension to investors’ interest in the market.

Under the forthcoming IPO, the government would offer 107.523 million shares (2.5 per cent) of face value of Rs10 each at a premium of Rs22 per share, i.e offer price would be Rs32 per share.

The listing of OGDCL would also make a substantial addition to the existing market capitalization base of the KSE, which was expected to exceed Rs1 trillion mark.