“The confirmed timelines for book building will be advised to the stock exchanges on receipt of the same from the Privatisation Commission of Pakistan,” PPL said. - File photo

KARACHI: As part of privatisation process, an exercise is being carried out by the government to divest portion of its shareholding in Pakistan Petroleum Limited (PPL).

The quantum of shares released through Secondary Public Offering (SPO) would be 23 million shares or 2.5 per cent, the company said in an announcement on Thursday.

PPL stated that it was decided that a portion of SPO would be offered through book building process to allow maximum transparency and protection of investors’ interest.

In this respect, the company declared a tentative timeline for book building exercise, after completion of the book closure period (ie from March 1 to 8, 2012) the latter already announced by the company for determining the entitlement of shareholders to interim dividend for 2011-12.

“The confirmed timelines for book building will be advised to the stock exchanges on receipt of the same from the Privatisation Commission of Pakistan,” PPL said.