ISLAMABAD: The federal government will start selling 10 per cent shares of Oil and Gas Development Company Limited (OGDCL) worth Rs750 million from (today) Wednesday.
The partial privatisation of OGDCL is being carried out to pay off the International Monetary Fund (IMF) loan in December. Pakistan is required to pay off $320 million to IMF by December.
According to the officials of Privatization Commission, 320 million shares of OGDCL will be offloaded. A big percentage of these shares will be offered for sale in international market while 2.5 percent will be sold to the domestic consumers and 1 percent to the employees of OGDCL. The process of sale of 10 percent shares of the prestigious company will be completed in three days – November 5 to 7.
