ISLAMABAD, Feb 18: The Cabinet Committee on Privatization (CCoP) on Saturday approved the secondary public offering of five per cent United Bank Limited (UBL) shares with a green-shoe option for another five per cent.

The CCoP meeting presided over by Prime Minister Shaukat Aziz also decided that the shares would be offered to the general public in two lots of 500 and 1,000 shares. The offering would be brought to the market in the next eight weeks.

An official announcement said that the CCoP was informed that eight parties had been pre-qualified for participating in the bidding for Pak American Fertilizers Company Limited. It was also informed that the bidding for this company would be held on Feb 28, 2006.

The committee was informed that the bidding for Pakistan Steel Mills Corporation (PSMC) and Pakistan State Oil (PSO) had been scheduled for early next month.

The minister for privatization and investment also apprised the committee about the status of the privatization programme of Pakistan Telecommunication Company Limited (PTCL).

The CCoP was also briefed on the upcoming transactions namely SNGPL, SSGC, NIT Units, Jamshoro Power Company and IPOs of SLIC and Parco by the end of June 30, 2006.