KARACHI: The Oil and Gas Development Company Ltd (OGDCL) has announced the launching of its secondary offering of ordinary shares and Global Depositary Shares (GDSs).
The shares are listed in the Karachi Stock Exchange, Lahore Stock Exchange and the Islamabad Stock Exchange under the symbol ‘OGDC’. Moreover, a statement said the offer would show up to 10 percent of Pakistan’s shareholding in OGDCL, consisting up to 322,460,900 shares, which corresponds 7.5 percent of the total share capital of OGDCL.
Based on the closing share price of OGDCL shares on the October 1, the offering would be valued at approximately Rs80,796 million / $788 million. The offer consists of an international institutional offering in the form of shares and GDSs. The price for the shares and GDSs will be fixed following the investor roadshow and bookbuilding process. OGDCL Managing Director Muhammad Rafi said, ‘Over the next two weeks, we will be visiting international investors around the world, to raise awareness of this offer in our shares and the chance that OGDCL represents as the largest upstream player in Pakistan. Moreover, our large reserves base and stable production profile, we have a proven track record of creating shareholder value.’
