October 24, 2003	Friday	Sha’aban 27, 1424

ISLAMABAD, Oct 23: Privatization and Investment Minister Dr Abdul Hafeez Shaikh here on Thursday asked his ministry to expedite the public offering of SSGC, PIA, PPL and KAPCO shares.

While chairing a meeting of the ministry officials, the minister directed the refund of the oversubscribed applications for NBP shares by the end of October in order to ensure larger participation by the general public in the initial public offering of OGDCL shares.

The Privatization Commission intends to offer 2.5pc shares in OGDCL to the general public, including overseas Pakistanis at Rs32 per share with a preference to the smaller applications of 1,000 shares from Nov 5 to 8.

While reviewing the progress of various other ongoing transactions relating to oil and gas, banking, financial and industries sectors, the minister directed that immediate steps be taken to resolve the issues concerning Jamshoro Power Company, Faisalabad Electric Supply Company, Faletti’s Hotel and Hyatt Regency Hotel.

The Ministry of Privatization was further asked to arrange a meeting with the potential bidders of Habib Bank and Pak Arab Fertilizers by early November to ensure the expeditious completion of these transactions. The meeting decided to hold the bidding for Thatta Cement on Nov 5.