Lahore: Pakgen Power Limited (formerly AES Pak Gen Company Limited) has been enlisted in the Lahore Stock Exchange and Karachi Stock Exchange through offer for sale of shares to general public by majority shareholders of the Company. In a media briefing at LSE here Tuesday, the Pakgen CEO Shahid Khan said the present offer consists of 37.208 million ordinary share either ten percent of the total paid up shares capital of the company at an offer price of Rs 19 per share (inclusive of premium of Rs 9 per share). He said, the principal activities of the Company are to own, operate and maintain an oil-fired power station, spanning over 250 acres of land, with an installed capacity of 365MW at Mehmood Kot, Muzaffargarh.
The Pakgen CEO said that company has taken this initiative with an objective to list with the stock exchange as well as broaden its shareholders base, adding that all the shares are 100 percent underwritten by Arif Habib Corporation Limited, Aba Ali Habib Securities (Pvt.) Limited, Allied Bank Limited, KASB Bank Limited, KASB Securities Limited, The Bank of Punjab and Soneri Bank Limited. While, Arif Habib Limited would be its financial advisor and arranger and RS Corporate Advisory (Pvt.) Limited would act as corporate consultant, he maintained. The public subscription list will be opened on June 14- 15, 2011 during banking hours, he added.
During question-answer session, the CEO said that Pakgen Power Limited has so far spent $ 3 million on its corporate social responsibility by funding in promotion of health and education facilities as well as skill development of the poor in the nearby areas of the power plant site to enabling them earn livelihood at their own. He said, the entire plant was submerged in water during devastating floods, however, the company put the power plant back on line after overhauling and replacement of various equipment within shortest period of three month. After this, he said, "We have also recovered lost capacity of 15MW due to derating of engines and now the generation is scaled up to 349MW from the previous daily quantum of 334MW." Shahid Khan said, "We are also constructing a 14 feet high retaining wall around the plant, which is 4 feet higher than the water level we have gauged during floods." The Company, he said, has also placed a foolproof security system on the plant site.
He said the Pakgen Power Limited is secure by all aspects, thus ensuring ultimate security to its shares and their value would shoot up rapidly. Arif Habib Limited CEO Bilal Moti, AHL Senior Analyst Saifuddin Shamsi, AHL's Rafiq Bhundi, Mansha Group Director Mian Hassan Mansha, Nishat Group's Company Secretary Khalid Chohan, Nishat Group Director Khalid Qadeer and Consultant Rashid Sadiq were also present.
Source: http://nation.com.pk/pakistan-news-newspaper-daily-english-online/Business/07-Jun-2011/Pak-Gen-Power-being-listed-on-LSE-KSE and Investor Presentation
