The Presidents / Chief Executives
All Banks

Dear Sirs/ Madam,

RECIEPT OF SUBSCRIPTION APPLICATIONS – KAPCO

We have received a number of queries from various quarters relating to the instructions issued to banks vide BPD Circular No. 24 of 2004 dated 20th July 2004. These instructions require the bankers to the issue to accept duly completed subscription applications (i.e., accompanied with pay order/demand draft in favour of the issuer company and copy of CNIC of the applicant) from prospective investors, who are not their account holders. The instructions were issued to facilitate the potential investors who have accounts in banks other than bankers to the issue. It is clarified that the bankers to issue will accept only those subscription applications where the applicant is either their own account holder or account holder of any other bank in Pakistan.

2. You are, therefore, requested to ensure compliance of the instructions contained in BPD Circular No.24 of 2004 by advising your branches to accept and process all duly completed subscription applications.

3. Please acknowledge receipt.