The Cabinet Committee on Privatisation 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 in Islamabad through a telecom link, says a press release issued here on
Thursday. After detailed deliberations, the Committee accorded approval to a floor price of Rs
216 per share as recommended by the Privatisation Commission.
An approval was also accorded to a 3-day 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 it would conclude on
November 7, 2014 at 10.00pm (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.
Ishaq Dar said that complete transparency has been ensured throughout the process leading to
divestment of the OGDCL shares. The meeting was attended by Minister for P&NR Shahid
Khaqan Abbasi, Minister for Commerce, Khurram Dastgir, Minister for Law and Justice, Pervaiz
Rashid, Minister for Planning and Development, Ahsan Iqbal, Minister for Textile Industry,
Abbas Khan Afridi, Chairman Privatisation Commission, Mohammad Zubair, Advisor Finance
Division, Rana Asad Amin and other senior officials.
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