ISLAMABAD, Feb 18: Privatization and Investment Minister Dr Hafeez Shaikh said on Friday that there was no compulsion of having a bank account to submit an application for initial public offering (IPO) of Kapco shares.

"Branches of all twenty-five banks appointed as bankers to the offer for IPO of Kot Addu Power Company shares will accept applications even if the applicant has no bank account."

The State Bank governor and heads of all the banks have been approached for issuing instructions to all the branches to facilitate the general public in subscribing to the Kapco shares during February 21 to 24, the minister says.

Dr Hafeez said that a hotline was being set up for the people and in case they faced any problem during the subscription, they should immediately call the hotline for help.

"In case any bank official was found non-responsive and non-cooperative, strict action would be taken against such individual," Dr Hafeez told a television programme.

"The chief ministers have also been requested to inform the people of their respective provinces, enabling them to avail the opportunity to get direct benefits of the privatization," he added. -APP