23 March 2004	Tuesday	01 Safar 1425

ISLAMABAD, March 22: The Privatization Commission has appointed Elixir Securities Pakistan Limited as the lead manager for the initial public offering (IPO) of the shares of Pakistan Petroleum Limited (PPL) through a comprehensive and transparent process.

After receiving proposals from firms/consortia on PC's panel of lead managers, eight parties were declared technically pre-qualified.

After opening of financial proposals in front of representatives of all eight parties, three parties namely, Elixir Securities Pakistan Limited, BMA Capital Management Limited and Global Securities Limited, that had submitted the lowest bids, were shortlisted.

Finally, balloting was carried out on Monday in front of the representatives of all three parties and Elixir Securities was declared successful. PPL is a highly profitable company in the oil and gas sector and enjoys an excellent reputation due to its professional management.

The government holds 93.36 per cent shares in the company and presently intends to divest up to 10pc shares. After the successful listing of OGDCL, the listing of PPL is anxiously being awaited by the market.

Keeping in view the overwhelming response to the SSGC offer for sale, a similar response is expected for the PPL offering. -APP