November 18, 2003	Tuesday	Ramazan 22, 1424

ISLAMABAD, Nov 17: The Cabinet Committee on Privatization (CCoP) in its meeting held here on Monday decided to exercise the green shoe option in full in case of OGDCL’s initial public offer (IPO).

The government had invited applications from Nov 10 to 15 for 2.5 per cent shares (107.5 million) of OGDCL with a green shoe option of an additional 2.5 per cent shares in case of oversubscription.

Finance Minister Shaukat Aziz chaired the meeting. Privatization Minister Dr Hafeez Shaikh, IT and Telecom Minister Owais Ahmed Khan Leghari and senior officials of the ministries/ divisions concerned were also present.

The meeting highly complimented the Privatization Commission, the ministry of petroleum and natural resources and OGDCL and other stakeholders on the unprecedented success of the OGDCL IPO, which received overwhelming response from the general public and institutional investors.

According to preliminary details received from the lead manager for the transaction, KASB Securities, subscription might reach the figure of Rs20 billion, which indicated oversubscription to the extent of six times. Preference will be given to the smaller applicants for the minimum lot of 1,000 shares for the IPO of 2.5pc shares (107.5m shares).

The CCoP also approved the highest bid offered by Star Cotton Corporation of Rs10.85 per share received for the sale of State Cement Corporation of Pakistan’s 90pc shares (71,797,050 shares) in Thatta Cement Company.