ISLAMABAD, May 3: Privatization and Investment Minister Dr Abdul Hafeez Sheikh has urged the general public to prepare their computerized national identity cards and open CDC accounts for participating in the upcoming initial public offering (IPO) of GoP shares in United Bank Limited. Speaking at the Privatization Commission Board meeting here on Tuesday, the minister asked the officials concerned to simplify application forms with necessary information in Urdu to facilitate the general public. He also asked the officials to issue instructions to bankers to the offer to guide and accommodate the applicants for their convenience, says a handout.

Dr Hafeez asked the PC officials and lead manager to start a series of road-show all over the country, especially in smaller cities, towns and areas. The Cabinet Committee on Privatization (CCoP) has fixed the offer size at 200 shares per applicant and is expected to finalize the offer price for the UBL IPO in its next meeting.

The PC Board was apprised of the progress in the privatization process of Karachi Shipyard and Engineering Works Limited (KSEW). A consortium comprising Orix Investment Bank Pakistan Limited, Terra Marine S.A. of Switzerland, HTSPE International, Appledore International, KPMG and Mohsin Tayebaly and Company has been appointed as financial advisers for the privatization of KSEW. The consortium has been asked to present the recommended privatization strategy by June 2005. The board asked the financial advisers to make a preliminary presentation on the privatization process of KSEW in its next meeting.