ISLAMABAD, Feb 11: The last day of the secondary public offering of 5pc (33.56 million) of Sui Southern Gas Company (SSGC) shares witnessed enthusiastic response from the general public. According to a handout, during the three days of public subscription , long queues were seen outside many branches of the bankers to the offer. Many overseas Pakistanis also submitted their applications at local banks.

The allotment register containing the list of successful applicants will be finalized by February 21, 2003. As per the government's decision, first preference would be given to applicants for the minimum lot of 1000 shares.

Second and third preference will be given to the applicants for 2000 and 3000 shares respectively, while the applications for bigger denominations would be allotted shares on pro rata basis out of the left-over shares, if any.

Refunds to unsuccessful applicants will be completed by March 02, 2004. Such refunded money shall be credited to the bank accounts of unsuccessful applicants.

Shares, whether physical or through the Central Depository Company (CDC), will be dispatched to the successful applicants by March 12, 2004. Applicants receiving shares in their CDC accounts will be able to sell them through any member of the stock exchanges.

Those receiving physical share certificates will have to open a CDC account and deposit the shares in those accounts before selling. However, such sale will have to be routed through a member of the Karachi, Lahore or Islamabad Stock Exchange.

The Privatization Commission had advised all bankers to the offer to facilitate the people and guide them in filling and depositing the applications. The bankers to the offer were also asked to issue instructions to all their branches including those in the far-flung areas to provide necessary assistance to the general public in depositing their application forms.

All citizens of Pakistan were eligible for applying for these shares. SSGC employees were also allowed to participate.