ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) has planned to disinvest 10 per cent government shares in Oil and Gas Development Company Limited (OGDCL) by September, which would generate Rs80 billion.
Finance Minister Ishaq Dar, while chairing the meeting of CCoP, blamed some unusual circumstances for delaying in transaction of OGDCL.
“Unusual circumstances had delayed the transaction for almost three weeks but we are trying to make up for the loss of time, money and international standing in the shortest possible time. One feels pained that the hard work done by our government in the last fourteen months is threatened by the reckless behaviour of certain people. If things had not been so as they are for the last one month, I am sure that we would have saved the hassle of arranging road shows for such a profitable investment opportunity,” said Finance Minister.
Privatisation Commission Chairman Mohammad Zubair, in his presentation, sought approval for the “Transaction Structure for the Divestment of up to 10pc GoP shares in OGDCL through capital markets”.
The recommended Capital Market Transaction Structure envisages offering shares to the institutional international and domestic investors through a combined international book building process. International investors will get an option to buy either ordinary shares or GDRs or both. The offering to international investors will be done through an offering circular, fully compliant to Reg S/144 A of the US Securities Act 1933.
Citibank Management Director Omar Iqtidar, in his presentation, briefed the minister that they had planned a 21-day execution window for the completion of this transaction. The international market road shows will be held in Hong Kong, Singapore, UAE, Frankfurt, Stockholm, London, New York, Boston and Chicago.
