PC raises Rs 10.39b this fiscal

ISLAMABAD: The Privatisation Commission has raised Rs 10.39 billion from the public subscription of shares of National Bank of Pakistan, Oil and Gas Development Company (OGDC) and Sui Southern Gas Company (SSGC) in the current fiscal, said a statement issued by the commission here Saturday.

It said 197,887 small applicants have benefitted from the sale of shares of public companies.

NBP shares were sold to 33,200 applicants through an IPO and two secondary public offerings for Rs 1.7 billion. The offerings were oversubscribed and at the present average rate of Rs 60 per share, the divested shares have shown an increase of 200 percent in value and are presently worth about Rs 5.26 billion.

An amount of Rs 6.88 billion was realized through the initial public offering of OGDCL shares from 97,570 applicants. The IPO was eight times oversubscribed and at the present average price of Rs 61 per share, the divested shares have shown an increase of 91 percent in value and are worth about Rs 13.12 billion. The secondary public offering of SSGC shares fetched Rs 1.74 billion and was oversubscribed by 15 times.

With the average price of Rs 34 per share, the divested shares have shown an increase of 31 percent and are presently valued at Rs 2.28 billion. The total proceeds of these three capital market transactions come to Rs 10.39 billion and after accounting for the recent price appreciation experienced by the three stocks, the value of the divested shares stands at Rs 20.66 billion, resulting in an unimaginable and unprecedented capital gain of Rs 10.28 billion. It said the commission has planned to continue such offerings with proper sequencing. The three stocks already planned for divestment through the stock exchanges include PIAC, PPL and KAPCO, with a focused approach to give preference to smaller applicants. —Staff Report

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