The Privatisation Commission (PC) is inviting Expression of Interest (EOI) from Lead Managers and Book Runners, for the Secondary Public Offering of Pakistan Petroleum Limited (PPL), which is approximately 2.5 per cent (21,105,688) shares, through domestic stock exchanges.
Lead Manager and Book Runner, who has recognized equity sales and distribution capabilities along with a demonstrable track record of successfully managing and executing similar transactions will manage the transaction.
“Presently, the Government of Pakistan holds 70.56 per cent of PPL shares”, said a PC said in a statement on Saturday. Pakistan Petroleum Limited is a frontline supplier in the energy sector contributing almost 25 per cent of the country’s total natural gas supplies besides producing crude oil, natural gas liquid and liquefied petroleum gas. Its proven recoverable reserves are 2.87 Tcf of natural gas, 14.8 bbl of oil/NGL and 316,000 tons of LPG. PPL is listed on all three Stock Exchanges in Pakistan.
In addition to the public offer for sale, the appointed Lead Manager and Book runner(s) may recommend other suitable structural alternatives under the prevailing capital market conditions in order to maximize value extraction for GOP and bring long term benefits to PPL. The interested parties have been advised to submit EOIs along with non-refundable processing fee of $2,500. The EOI should contain no more than 15 pages, a statement of technical qualifications comprising experience of equity research, sales and distribution capabilities, commitment to privatisation programme, knowledge of the oil and gas industry and PPL, ability to advise entities for domestic and international listings, competence and commitment. The request for proposal package inviting technical and financial proposals would be dispatched or e-mailed to the interested parties when EOIs are received. The last date for the submission of the technical and financial proposals is 20 July, 2011.