ISLAMABAD, Jan 17: Federal Minister for Privatization and Investment Dr Abdul Hafeez Shaikh said on Monday the subscription for Kot Adu Power Company (Kapco) Initial Public Offering would commence from February 07, 2005.

According to a hand out, the minister said that 3,17000 common men would benefit through the IPO of Kapco by investing a minimum amount of Rs15,000 only for 500 shares.

He said once the privatization process was a rich people game, but now there were 70,000 shareholders have so far entered the market through the IPO of OGDCL, NBP and PPL and secondary Public Offering of SSGC, by giving preference to the common man gaining Rs25 billion in terms of appreciating of and increase in the value of the shares.

He stated that this process would continue with proper sequencing and after Kapco, IPO's for United Bank Limited, State Life Insurance Company and Pakistan Steel, would be offered with the fresh invitation for PTCL while companies from Malaysia, Philippines, China and other parts of the world could raise the number of participants to ten for EoIs before January 28, the last date for submission.

Elucidating the details of the upcoming transactions, the minister said that bidding for Karachi Electric Supply Corporation (KESC) would be held on February 4, 2005, which would be followed by Pakistan Fertilizers.

Telephone Industries of Pakistan and Carrier Telephone Industries, National Refinery Limited attracted a record number of 29 EOIs while the relaunch of strategic sale of Pakistan State Oil (PSO) has also generated great interest among the quality players as Pakistan's privatization programme was being considered as mature and most transparent in the world, he said.

He said that in first ten years of Privatization Commission, only Rs60 billion were realized through the privatization process, and during the first three years of General Musharraf's government the proceeds stood at Rs.36 billion and in the past two years of the elected government Rs50 billion were realized through 18 transactions, which shows average per annum increase of Rs6 billion, Rs.12 billion and Rs25 billion, respectively, which also proves acceleration of the process.

Dr. Abdul Hafeez reiterated that the government should focus on regulations and let the private sector play their role in the respective sectors as being witnessed in the banking sector, which has come up with new dynamism providing new products and quality services to the people.