Cabinet Committee on Privatization approves floor price for divestment of Oil and Gas Development Company Limited shares : AsiaNet-Pakistan

Cabinet Committee on Privatization approves floor price for divestment of Oil and Gas Development Company Limited shares

November 5, 2014 | Government Institutions | Share:

Islamabad, November 05, 2014 (PPI-OT): The Cabinet Committee on Privatization which met here late Wednesday approved the Floor Price for divestment of 10% GoP shares of OGDCL. Finance Minister, Senator Ishaq Dar who is in Dubai attending IMF talks, chaired the meeting through telecom link.

After detailed deliberations, the Committee accorded approval for a floor price of Rs. 216/- per share as recommended by the Privatization Commission. Approval was also accorded for 3-days Book Building Process with floor price to be applied prior to opening of Book on November 6, 2014. As agreed with the Financial Advisory Commission (FAC), Book Building was launched on November 5 and would conclude on November 7, 2014 at 10.00 P.M. (PST).

It may be added that the Consortium comprising M/S Citibank, Bank of America/Merill Lynch and KASB was appointed in April this year which is acting as Financial Advisory Consortium (FAC) for the divestment of up to 10% GoP shares in OGDCL through International and Domestic Capital markets.

Finance Minister, Ishaq Dar on the occasion said that complete transparency has been ensured throughout the process leading to divestment of the OGDCL shares as adhering to the principle of accountability was the hallmark of PML-N Government’s financial management.

The meeting was attended by Minister for P and NR Shahid Khaqan Abbasi, Minister for Commerce, Khurram Dastagir, Minister for Law and Justice, Pervaiz Rashid, Minister for Planning and Development, Mr. Ahsan Iqbal, Minister for Textile Industry, Abbas Khan Afridi, Chairman Privatization Commission, Mohammad Zubair, Advisor Finance Division, Rana Asad Amin and other senior officials.

For more information, contact:
Director General (Media)
Nadeem Haider Kiani
Ministry of Finance
Government of Pakistan
Room # 514, Block-’Q’, Finance Division,
Pak. Sectt. Islamabad
Tel: +92-51-9211707, +92-51-9208281, +92-51-9206382
Fax: +92-51-9210877
Email: so_coord1@finance.gov.pk

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Category: Government Institutions