Divestment of shares of Oil and Gas Development Company (Ltd.) up to 7% shares to foreign and local institutional investors, high-profile individuals and the general public has started at Pakistan Stock Exchange.
According to details, the Privatization secretary has informed to National Assembly Standing Committee on Privation that Expression of Interest has been invited by Government to appoint a financial advisory Consortium. The deadline for submission of the financial and technical proposal given is 9th December 2019.
The privatization commission is predicted to be instructed by the financial consortium on all related stuff. Furthermore, the size, transaction arrangement, and divestment plans will be determined by the government on their recommendations.
It should be remembered that OGDCL is included in the list at both Pakistan and London stock exchange. The company is also associated with KSE-100 and KSE-30 inches.
It should be remembered that the PML (N) government had intended to divest shares up to 10pc but the plan was not executed due to lack of investors. At that time, PTI was not in the favor to divest it, mentioning it as ‘privatization’ and they also claimed that the government is giving the share as a ‘throw-away price’.