Sunday, June 19, 2011

Expression of interest (EoI) invited for secondary public offering of PPL shares

The Privatisation Commission (PC) is inviting Expression of Interest (EoI) from lead managers/book runner(s), for the secondary public offering of Pakistan Petroleum Limited (PPL) approximately 2.5percent (21,105,688) shares through domestic stock exchange(s). While govt of Pakistan (GoP) presently holds 70.56percent shares of PPL.
PPL is a big public company in oil and gas exploration sector, contributing almost 25 percent of the country’s total natural gas supplies besides producing crude oil, natural gas liquid and liquefied petroleum gas LPG. Its proven recoverable reserves are 2.87 Tcf of natural gas, 14.8 bbl of oil/NGL and 316,000 tonnes of LPG. PPL is listed on all 3 stock exchanges in Pakistan.
Lead manager/book runner(s) who has recognised equity sales and distribution capabilities and demonstrable track record of successfully managing and executing similar transactions will manage the said transaction.