ISLAMABAD: PTI government selling the profit making strategicorganisations OGDCL and PPL, Media reports have hinted at the possibledivestment.
The Privatisation Board on Tuesday approved financial advisers fordivestment of shares in Oil and Gas Development Company Limited (OGDCL) andPakistan Petroleum Limited (PPL).
Federal Minister for Privatisation Mohammadmian Soomro chaired the meetingattended by members of Privatisation Board, federal secretary, seniorofficial, National Electric Power Regulatory Authority (NEPRA)representative, Ministry of Finance, Ministry of Power and financialadvisers attended the meeting.
The commission had invited Expressions of Interest (EoI) for theappointment of financial advisory consortium two months ago to divest the 7per cent shares of the OGDCL as well as 10 percent share of PPL.
Rumors had dominated the stock market last Wednesday as the governmentfinalised the privatisation of OGDCL and consortium of OGDCL advisers.Initially, its share price went down by almost 5pc.
Read Top Stories
OGDCL is a debt-free company, contributing Rs160 billion to the nationalexchequer. The government holds 74.97% interest while 10.05% with BenazirEmployees Stock Option Scheme. Its net sale is Rs261.481 billion and profitafter tax is Rs1178.3bn during FY 2018-19.
On the other hand, the government also holds 67.5pc shares while 7.4pc areheld by Benazir Employees Stock Option Scheme and their remaining 25pcshares had been offered for free float.
In addition to this, the meeting has also recommended prequalification ofthe potential investors who have submitted Statements of Qualification(SOQs) for the privatization of National Power Parks Management Company(Pvt) Ltd (NPPMCL).
