ISLAMABAD, June 26: The Cabinet Committee on Privatization (CCoP), in its meeting chaired by Finance Minister Shaukat Aziz here on Saturday, accorded its approval to the exercise of green shoe option on PIAC offering to accommodate all the applicants.

While deciding this, according to official press release, Aziz said the fact that the 57.5 million (5pc) shares in the national flag carrier offered to the general public had been over- subscribed reflecting the people's confidence in the economic policies of the government.

The Federal Minister for Information Technology and Telecom, Mr. Owais Ahmed Khan Leghari; Deputy Chairman, Planning Commission, Dr Akram Shaikh; Chairman, Board of Investment, Mr. Waseem Haqqi and Federal Secretaries of relevant Ministries attended the meeting.

The CCoP was informed that the amount received from subscribers had exceeded the total value of the offered shares by Rs0.33 million as against the target of Rs1.15 billion.

The CCoP also decided to hold subscription for the Initial Public Offering of 10pc (68.58m) in Pakistan Petroleum Ltd in July.

The meeting also noted with satisfaction the Privatization Commission's intention to privatise KISC, FESCO and Pakarab Fertilisers in September-October, 2004.