ISLAMABAD, July 31: The Initial Public Offering (IPO) of 10pc shares of Pakistan Petroleum Limited, which has set a record of general public response, attracted 755,000 applications worth Rs21 billion.

This was stated by Dr Abdul Hafeez Shaikh, Federal Minister for Privatization and Investment while addressing the Board of Privatization Commission meeting here on Saturday.

The minister said that among these applications 752,000 were submitted by individuals for 500 shares, which were being given preference for open balloting scheduled in the first week of August 2004 at Karachi to decide 205,700 successful applications, which would generate Rs5.65 billion proceeds.

Dr. Hafeez Shaikh further said that additional eight EOIs received in response to its recent invitation for "Expression of Interest" for the sale of 94.8pc shares of Pak Arab Fertilizers (Pvt) Limited (PAFL) from the prospective investors including fertilizer companies, industrial companies and groups confirmed that the transaction has great interest for the investors. There were four prospective bidders who had already submitted their EOIs in response to earlier invitation in May 2002 and were pre- qualified. The total number of EOIs is now raised to twelve.

He directed the Privatization Commission to put in place safeguards for the entities being privatized till the completion of their privatization process and to make efforts for reviving the dead assets through privatization process.

PC Board approved the transaction structure for Karachi Electric Supply Corporation and also recommended the inclusion of 10 projects of PMDC and Tomato Pest Plant in the privatization programme. The sale of LAL, NITL, PECO, Lasbella Textile Mills and 10pc shares of Nowshera PVC were also approved.

Earlier, the Secretary PC Mr Salim Gul informed the meeting that PIAC shares have been uploaded in the CDC accounts, while physical dispatch of shares have also started from July 30, 2004.