KARACHI, Sept 2: The electronic shares of Pakistan Petroleum Limited (PPL) offered by the Privatization Commission were credited in the Central Depository System (CDS) on Thursday (September 2), said a spokesman for the CDC on Thursday.

He said the CDC had given credit of around 52.5 million of a total of 102.8 million shares of PPL directly into accounts of over 105,000 successful allottees. That was the biggest IPO handled by the company to date, stated the CDC and added that such smooth and convenient handling of an issue of this magnitude would not have been possible in a physical environment.

Applicants who opted for delivery of their shares directly into their CDC accounts had received the shares instantaneously and conveniently in electronic form, given that they had provided their account details correctly on subscription forms and complied with CDC requirements.

"These investors have a major time-factor advantage over those who opted for physical shares," stated the CDC spokesman, adding that the track record of previous IPOs and offer for sale of state-owned companies showed that most investors preferred to receive shares in the electronic book entry form.

In the case of OGDCL, 60.84 per cent shares were directly credited into CDS whilst the electronic book entry securities of SSGC and PIA were 36.55 and 62.59 per cent, respectively.