KAPCO Shares Privatisation applications ballot held in Pakistan
Pakistan Times Business & Commerce Desk

KARACHI: The non-resident Pakistanis filed 10,521 applications for the Kot Addu Power Company (KAPCO) against 61,379 applications earmarked under the category, including the green shoe option.

Resident Pakistanis or general public filed 1.389 million applications worth Rs20.835 billion against their total allowance of 221,913 applications valued at Rs3.328 billion.

Minister for Privatisation, Abdul Hafeez Sheikh, while speaking at the draw said that among the total application deposited at the banks 19 per cent were deposited at Habib Bank Limited alone, which were 2,65,000.

The Muslim Commercial Bank followed the lead with 2,575,000 applications. The National Bank of Pakistan collected 1, 84,000. Allied Bank was at 9 per cent with 1, 27,000 and nearly the same figure was recorded by United Bank Limited. All the remaining 20 banks gathered 31 per cent of the remaining applications.

The KAPCO balloting was held late Friday night under the supervision of the Minister.

The offering was oversubscribed by about 44 times the overall target of Rs4.753 billion to Rs210 billion, with a total of 1.4 million applications against a target of 316,890 applications.●