ISLAMABAD – The sub committee of the Cabinet Committee on Privatisation (CCOP) will discuss the issue of launching equity linked instruments for state owned energy sector companies. The sub committee was formed on February 3 by CCOP for formulating recommendations for the issuance of convertible bonds of state owned entities (SOE), Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Pakistan State Oil (PSO) in international capital markets.
The committee constituted under privatisation minister includes Planning Commission (PC) deputy chairman, State Bank of Pakistan governor, SECP chairman besides secretaries of finance, petroleum and privatisation ministries. The Privatisation Commission estimates that $3.0 billion could be generated through the launch of convertible bonds for three state owned oil and gas entities such as OGDCL, PPL and PSO.
The commission has set a deadline of the end of March 2011 for launching convertible bonds worth $1.0 billion bonds for the OGDCL and $304 million for the PPL by the end of 2011 at the London Stock Exchange (LSE).
