Pakistani firms to be showcased at London bourse

KARACHI: The London Stock Exchange (LSE) is set to host a ‘Pakistan Capital Markets and Privatisation Forum’ on December 10, which will showcase the nation’s state-owned enterprises (SoEs), in an attempt to highlight opportunities available to international investors in Pakistan.

Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO), Oil and Gas Development Company Limited (OGDCL), Sui Northern Gas Pipelines Limited (SNGPL), Sui Southern Gas Company (SSGC) and Pakistan Mineral Development Corporation (PMDC) will be part of the forum.

A press release on Saturday said that the LSE is organising the forum in conjunction with Nomura Dubai in London and has invited Privatisation Minister Waqar Ahmed Khan to deliver a keynote address.

Khan will also lead a high-level delegation, comprising top management of local companies. About 50 top market leaders of international business and investment groups have also confirmed their participation.

The Privatisation Commission (PC) is endeavouring to turn around state-run companies and reduce budget deficit, Khan said.

The Senate Standing Committee on Privatisation has already given its unanimous support for the PC in its plan to float equity-linked convertible bonds in the global market to turn around the state-run units. The PC board has also given the go-ahead in this regard. Privatisation transactions via capital markets (22 of 167 transactions) have so far raised Rs133 billion (29 per cent of total privatisation proceeds amounting to Rs477 billion).

Published in The Express Tribune, November  28^th, 2010.