04 July 2004	Sunday	15 Jamadi-ul-Awwal 1425

KARACHI, July 3: Shares of Pakistan Petroleum Limited will be offered for public subscription from July 19 to 22, said Karachi Stock Exchange managing director Moin M. Fudda here on Saturday.

"The provisional trading in the shares of the company will commence from the date of publication of the offer for sale i.e. Monday (July 5) under the Regulations for Futures Trading in Provisionally Listed Companies of the Exchange and it is proposed that the company will be formally listed on August 30," Mr Fudda says.

The KSE management does not allow kerb trading in any security listed on the exchange. The objective of trading under the provisional counter is to avoid the kerb trading and protect the interest of investors by providing the market price in the security of the company.

"All the transactions under the provisional counter are carried out through KATS that facilitate the prospective investors to take decision for subscription in the shares of the company based on the discovery of the derivative price," Mr Fudda said.

The PPL shares are being offered to the general public through stock exchanges as part of the government's privatization policy.

As a result of 15 per cent public offering of the shares of the company (Rs1.028 billion) by the government at Rs55 per share, including premium of Rs45 per share, 205,751 small applicants would be able to mobilize their savings while applying for 500 shares of the company, the KSE MD said.

ROADSHOW: The first roadshow of Pakistan Petroleum Limited shares' initial public offer (IPO) will be held in Islamabad on Tuesday.

Privatization and Investment Minister Dr Hafeez Shaikh will address the roadshow, being held to make public aware of the attractiveness of investment opportunity and educate them on the procedure for applying for shares.

The management of the company and lead manager Elixir Securities Pakistan (Pvt) Ltd will make presentations to the investors and will apprise them about the production, progress, accounts and the future plans of the company.

Roadshows/marketing presentations will also be held in other cities of the country, including Quetta, Karachi, Lahore and Peshawar. Similar roadshows are also being planned for overseas Pakistanis in the Middle East.-APP