Pakistan petroleum company to go public

Associated Press

Islamabad, July 5:

The government this month will offer for public sale 10 per cent of the shares in state-run Pakistan Petroleum Ltd, operator of the country’s largest gas field, a statement said. The sale, to take place on July 19-22, is part of a divestment programme for Pakistan’s state-run companies amid a thriving stock market that gained 55 per cent during the fiscal year that ended on June 30. A government statement issued over the weekend said 10 per cent, or 68.58 million shares, in Pakistan Petroleum would be offered for sale, with the option of five per cent more if there was demand. Pakistan Petroleum produces about 35 per cent of the country’s natural gas. Its net profit more than doubled to Rs 4.2 billion Pakistani Currency ($72.4 million) in the last fiscal year, from Rs 1.8 PC. A Pakistan Privatisation Commission statement said the listing would add significantly to market capitalisation, and that Pakistan Petroleum would become a highly traded stock.