OGDCL bond issue: Financial advisers appointed

Ten per cent of govt shares to be floated before June-end.

ISLAMABAD:

The Privatisation Commission (PC) has entered into an agreement with a consortium comprising Citibank, Credit Suisse, JP Morgan and BMA Capital for appointment as financial advisers for the issuance of Oil and Gas Development Company Limited (OGDCL)’s exchangeable bonds.

“This is a landmark deal under which the consortium has been tasked to monetise up to 10 per cent of government shareholding in OGDCL via an exchangeable bond transaction,” PC said in a statement on Monday.

PC Secretary Imtiaz Kazi and consortium’s representative Syed Sikander Zulqarnain signed the agreement.

Following the deal, a kick-off meeting for the bond issue also took place under the chairmanship of PC secretary and included representatives of the State Bank of Pakistan, Ministry of Finance and OGDCL.

Representatives of the consortium presented the transaction overview and highlighted performance benchmarks, timeline and responsibilities of all parties involved in the transaction.

The meeting decided to undertake requisite activities on a fast track basis to ensure timely completion of the transaction before the close of the current fiscal year in June.

Published in The Express Tribune, May 17^th, 2011.