Kapco posts Rs3,687m profit in six months

The Privatization story of Kot Addu Power Company Limited (Kapco) has finally begun to unfold as the company disclosed financial results for the half year ended December 31, 2004.

In an announcement released through the Karachi Stock Exchange on Saturday, the company posted after tax profit of Rs3,687 million for the six months, July-December 2004. That translated into earning per share (eps) of Rs4.19 on 880 million outstanding shares.

KAPCO IPO Subscription from Feb 7

Pakistan will hold an initial public offering of up to 20 per cent of shares in regional power firm Kot Addu Power Co (KAPCO) next month at a price of Rs30 per share, the Privatisation Commission (PC) said on Monday.

The government will offer 88.025 million shares, or 10 per cent of the total, with a green shoe option of another 10 per cent, in lots of 500 from Feb 7, the Commission said in a statement.

It plans to raise as much as Rs5.28 billion ($88.8 million) from the sale. The IPO has been delayed twice. It was initially planned for October, then pushed back to the end of December.