Zahid Hamid chaired the meeting instead of finance minister Ishaq Dar who at presently is on a visit to Saudi Arabia. The share price approved by the CCoP for book building process for government stake in PPL transaction which is scheduled to start for next two days (Thursday and Friday).
The book building process will start at 9am today (Thursday) and will conclude at 5:00 pm on Friday.
The strike price will be determined through the Dutch Auction Method. The strike price is determined as the price at which the holder of an options can buy (in the case of a call option) or sell (in the case of a put option) the underlying security when the option is exercised. Hence, strike price is also known as exercise price.
The Minister of State for Privatisation, Muhammad Zubair, in a detailed briefing, explained that the transaction structure of Pakistan Petroleum Limited (PPL) envisages offering 70 million shares to both international and domestic institutional investors and High Net Worth Individuals (HNWI).
The transaction marketing road shows were held in Karachi, Lahore, Islamabad, Sialkot and Faisalabad from June 19, 2014 to June 23, 2014.
The Privatisation Commission had got requisite approvals from Stock Exchanges and Securities & Exchange Commission of Pakistan relating to the transaction structure, allotment mechanism and other approvals required for the transaction.
The meeting was attended by Minister for Commerce, Khurram Dastagir Khan, Minister for Information, Broadcasting and National Heritage, Senator Pervaiz Rasheed and Federal Secretaries of various ministries.