LAHORE:
The Lahore Stock Exchange (LSE) has approved the formal listing of PakGen Power Limited and trading of the same will commence from July 21, 2011.
PakGen Power’s symbol will be “PKGP” and the company will be quoted under “Power Generation and Distribution” sector of the Ready Board Quotation of the Exchange.
The offered price of Rs19 per share will be the opening price of the shares on the first day and a circuit breaker of Rs5 or 50% of the opening price, whichever is higher, will be applicable on the first day of trading, while the normal circuit breakers will be applicable thereafter.
PakGen Power Limited (formerly AES PakGen Company Limited) had applied for listing of its ordinary shares in March 2011 at Lahore Stock Exchange and Karachi Stock Exchange through Offer for Sale of shares to the general public by majority shareholders of the company.
The offer consisted of 22,724,500 ordinary shares or 6.11% of the total paid up share capital of the company. The total offer (inclusive of Pre-IPO) of 37 million shares at Rs19 per share was out of the existing shareholdings of the company which represents 10% of the total capital.
The Central Depository Company has already declared the company as eligible security and all the transactions shall be settled through the The National Clearing Company of Pakistan Limited.
Published in The Express Tribune, July 21st, 2011.
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"The offer consisted of 22,724,500 ordinary shares or 6.11% of the total paid up share capital of the company. The total offer (inclusive of Pre-IPO) of 37 million shares at Rs19 per share was out of the existing shareholdings of the company which represents 10% of the total capital."
The facts are not correct:
The offered consisted of 37,208,000 ordinary shares or 10% of the total paid up share capital of the company. The total offer (inclusive of Pre-IPO) of 51.69 million shares at Rs 19 per share was out of the existing shareholdings of the company which represents 13.89% of the total capital.