LAHORE, Feb 9: The Privatization Commission will make secondary public offer for the sale of shares of Oil and Gas Development Company Limited (OGDCL) to the general public soon , said Privatization Commission Secretary Tahseen Khan Iqbal here on Wednesday.

Talking to newsmen after second road-show for Initial Public Offering (IPO) of Kot Addu Power Company (Kapco) at a local hotel, he said privatization of State Life Insurance Corporation (SLIC), United Bank Limited (UBL) and National Bank of Pakistan (NBP) was also in the offing.

He said the Privatization Commission had asked the Securities and Exchange Commission of Pakistan (SECP) to facilitate investors with reference to the Central Depository Company (CDC) related conditions.

He said the CDC had been directed to appoint its agents in different parts of the country to save investors from difficulties in operating their accounts.

Earlier speaking at the road-show, Mr Tahseen said that the sale of shares of four companies through stock market by the government had led to a capitalization of Rs17.5 billion. Now the value of these shares had touched the mark of Rs30 billion in just one year i.e. Rs28 billion through gains and about Rs2 billion through cash dividend.

He said it was the first time that banks would entertain every person in subscription for Kapco shares whether he had a bank account or not. He said that lead manager Global Securities will set up a hotline with 10 telephone numbers to attend complaints of interested applicants against banks branches which refuse to entertain the applications for Kapco shares.

Responding to a question about high fee of Central Depository Company (CDC), he said the Privatization Commission was making efforts to get the issue resolved.

Kapco Chief Executive of Malcolm Peter Clampin said the company had a solid background of profits and efficiency, catering to the 7 per cent energy requirements of the country with a share of 29 per cent in the total power generation of IPPs in Pakistan.

Kapco plant with a capacity of 1600-MW, is a multi-fuel fired power station running on gas, fuel and furnace oil simultaneously to avoid interruption in production and also to reduce cost of generation.

The subscription of Kapco will begin from February 21 to 24, both days inclusive while the provisional trading in the scrip will start from February 14, after announcement of half yearly accounts of the company on February 11.

The Privatization Commission will offer 10 per cent shares (88.025 million shares) in the initial public offering and another 10 per cent or 88.025 million shares under a green-shoe option in case of over subscription.

About 20 per cent of the total public offering will be allocated for Kapco employees.-APP