ISLAMABAD, April 17: More than 97,000 small shareholders had reaped a profit of Rs7 billion from the trade in shares of OGDCL IPO due to a record increase in the value of its shares , Privatization Minister Dr Abdul Hafeez Shaikh stated here Saturday.

Speaking at a ceremony to mark the success of OGDCL IPO and its induction in KSE-100 Index, said the public offer of SSGC shares had likewise attracted 258,000 applicants.

The Privatization Commission, Dr Shaikh further stated, had realised Rs42 billion proceeds over the past one year. The liquidity was available in the market for its growth and the Commission was heading towards the divestment of the Government of Pakistan's shares in other public sector enterprises including PIAC, PPL and KAPCO.

The shares of these organizations would be offered to public in May-June of 2004.

Giving details, the Minister said 10 per cent of shares of PIAC were being offered to the general public. In this case, it had been decided to give preference to even small applicants for 500 shares with a view to further broadening the stock market, he said.

He appreciated the efforts of the Privatization Commission team, the PC Board, Ministries of Petroleum and of Finance, CCoP, SECP, OGDCL management and Lead Managers, and KASB Securities in making the OGDCL IPO a success.