ISLAMABAD: The Finance Ministry decided to defer the sale of 10 percent government shares of OGDCL. This decision has taken by the privitisation committee because the target of $800 million was not expected to be achieved. Therefore privitisation commission planned to sale the shares but it was delayed due to sit-ins. The price of crude oil decreased during this period.
The floor price of Rs216 per share had been approved with an estimated 322 million shares to be sold out of which 311 million were to be offered to institutional investors, two thirds of the remaining 11 million shares to general public and one third to OGDCL employees.
On Friday, State Minister for Privatisation, Muhammad Zubair clarified that government was not privatising OGDCL as divesting some of the company’s shares could not be termed as privatisation.
