Earlier, the government divested up to 15 percent (102 million) shares of PPL through a listing and Initial Public Offering for sale of 10 percent shares with a green shoe option of additional 5 percent shares in case of over-subscription. At present, the government holds 70.56 percent of PPL shares.
In a statement, the interested parties (IPs) have been advised to submit EOIs along with non-refundable processing fee of $2,500-(US dollars twenty five hundred only), or equivalent to Pakistani rupees containing no more than 15 pages, a statement of technical qualifications comprising experience of equity research, sales and distribution capabilities, commitment to privatisation program, knowledge of the oil and gas industry and PPL, advisory to entities for domestic & international listings, competence and commitment of the team.
Lead Manager/Book Runner (s) who have recognised equity sales and distribution capabilities and demonstrable track record of successfully managing and executing similar transactions will manage the transaction. In addition to the public offer for sale, the appointed Lead Manager/Book runner(s) may recommend other suitable capital market structural alternatives under the prevailing capital market conditions to maximise value extraction for government and bring long term benefits to PPL.
The Request for Proposal ("RFP") package, inviting technical and financial proposals, would be dispatched/e-mailed to the IPs as and when EOIs are received. The last date for submission of the technical and financial proposals is July 20, 2011. Pakistan Petroleum Limited (PPL) is a frontline supplier in energy sector, contributing almost 25 percent of the country's total natural gas supplies, besides producing crude oil, natural gas, liquid and liquefied petroleum gas.
The initial subscription (IPOs) for PPL shares, which was held during July 19-22, 2004, set a historic record of local participation as more than 755,000 applications worth Rs 21 billion were received. Open balloting was held in the presence of media and the general public on August 4, 2004 to select 205,750 successful applicants. The government realised proceeds of Rs 5.65 billion from this capital market transaction.