ISLAMABAD, Jan 13: All arrangements have been finalized to hold roadshows at Karachi and Lahore for the public offering of five per cent government shares in Sui Southern Gas Company , a company listed on the stock market since 1956.

According to a handout issued here on Tuesday, it will be the first secondary public offering of SSGC shares being made in accordance with the government's policy to strengthen, broaden and deepen the base of the stock market.

Privatization and Investment Minister Dr Abdul Hafeez Shaikh will address the roadshows, while management of SSGC will highlight the salient features of the company.

The roadshow at Karachi will be held at Pearl Continental Hotel on Friday (January 16) at 5 p.m., while roadshow at Lahore will be conducted at Pearl Continental Hotel on Monday (January 19) at 5.30 p.m. The general public and investors are invited to participate in these shows to obtain necessary information regarding the public offering of SSGC.

Preference will be given to the smaller applicants for the minimum lot of 1,000 shares for the initial public offering (IPO) of five per cent shares (33.56m shares) of SSGC with a green shoe option of additional five per cent shares in case of oversubscription, being offered at a price of Rs26 per share, including a premium of Rs16. The Privatization Commission expects total proceeds from 10 per cent shares offering to the tune of Rs1.74 billion.

The government of Pakistan holds 70.43 per cent shares of SSGC, while 29.57 per cent shares are already with the general public and institutions.