ISLAMABAD: Privatisation Commission PC is inviting Expression of Interest EOIs from Lead Manager/ Book Runners, for the Secondary Public Offering of Pakistan Petroleum Limited PPL approximately 2.5% 21,105,688 shares through domestic stock exchanges. Presently, GoP holds 70.56% of PPL shares.
Pakistan Petroleum Limited PPL is a frontline supplier in energy sector, contributing almost 25% 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.
Lead Manager/ Book Runner s who has recognized 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 runners may recommend other suitable capital market 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 IPs have been advised to submit EOIs along with non-refundable processing fee of USD 2,500-U.S. Dollars twenty five hundred Only or equivalent 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 & Gas Industry and PPL, advisory to entities for domestic & international listings, competence and commitment of the team.
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 the submission of the Technical & Financial proposals is July 20, 2011.