SINGAPORE: The government has planned to collect to $816 million by selling a stake in Oil & Gas Development Co Ltd, which would be the country’s biggest share sale in eight years.
According to a term sheet, the government will likely to sell a 7.5pc stake in OGDCL in the local and world markets, providing a huge foreign exchange in the country’s weakening economy.
The company has also begun testing investor appetite for the sale of its London-listed global depositary shares, with bankers taking orders from institutional investors from Oct 2. The Pakistan government currently owns 75pc of OGSCL.
OGDCL is the latest firm to be on the block after Pakistan sold a 19.8pc stake in United Bank Ltd., one of the country’s largest banks, to raise $387 million in June. That sale was Pakistan’s first transaction in the global equity market in almost eight years.
