OGDCL bonds: PC board approves roadmap

PC board gives go-ahead to roadmap for issuing exchangeable bonds of OGDCL in the international market.

ISLAMABAD:

The Privatisation Commission (PC) board has given the go-ahead to a roadmap for issuing exchangeable bonds of the Oil and Gas Development Company (OGDCL) in the international market and floating of shares of state-run companies in domestic bourses.

The board gave the approval in a meeting held here on Thursday under the chairmanship of Federal Minister for Privatisation and Water and Power Syed Naveed Qamar.

The board called for initiation of the process for hiring financial advisers for OGDCL bonds. It also approved the roadmap for initial public offerings (IPOs) of State Life Insurance Company (Slic), Pak-Arab Refinery Company (Parco), Government Holdings Petroleum Limited (GHPL), National Insurance Company (NICL), Faisalabad Electric Supply Company (Fesco) and Islamabad Electric Supply Company (Iesco) after approval by the Council of Common Interests (CCI).

In addition to these, the board allowed secondary public offerings (SPOs) of Pakistan Petroleum Limited (PPL), Habib Bank (HBL) and Global Depository Receipts (GDRs) of Kot Addu Power Company (Kapco), HBL and National Bank of Pakistan (NBP).

Prior to undertaking these transactions, roadshows will be organised in Hong Kong, Singapore, Dubai, London and New York in the next two to three months.

The board was informed that a committee constituted to review the Supreme Court’s judgment before proceeding ahead regarding privatisation of Pakistan Steel Mills Corporation (PSMC), opined that PC being a petitioner before the court cannot undertake any such exercise. However, efforts should be made to evolve an approach for early disposal of the case pending since long.

Published in The Express Tribune, March 11th, 2011.