The Privatisation Commission is all set to hold road shows for the exchangeable bonds of the Oil and Gas Development Company Limited (OGDCL) at Abu Dhabi, Singapore, Zurich, London and Hong Kong from June 19 to 21.
This information was provided to the meeting of the Board of Privatization Commission, which was held under the chairmanship of the Minister for Privatisation Ghous Bux Khan Mahar.
The government has already appointed a Financial Advisory Consortium comprising of Citibank, Credit Suisse, JP Morgan and BMA Capital, assigning them the task for the issuance of OGDCL’s exchangeable bonds of at least $ 500 million.
The Finance Division and the Privatisation Commission would jointly administer the transaction.
The Minister said that the government after two years has set a target for privatization proceeds which would be achieved on fast track basis through a transparent and open process. He said that the privatisation process was aimed at improving the working, efficiencies and performances of Public Sector Entities (PSEs).
He said the government was determined to safeguard the interests of the workers during the privatisation process and to empower them by having their representation on the respective boards of the entities under Benazir Employees Stock Option Scheme (BESOS). The representatives of consortium gave detailed presentation to the PC Board regarding the transaction structure for the issuance of OGDCL’s exchangeable bonds.
Under the deal, the consortium has been tasked to monetize up to 10 percent of government shareholding in OGDCL through an exchangeable bond transaction.
Privatisation Secretary Shahid Raja informed the Board that all was set for the issuance of OGDCL’s exchangeable bonds by monetizing up to 10 percent of government shareholding up to 430,000,000 shares in the OGDCL transactions.
He said the road shows would take place at Abu Dhabi, Singapore, Zurich, London and Hong Kong from June 19 to 21.
