The Privatisation Board on Tuesday approved financial advisers for divestment of shares in
Federal Minister for Privatisation Mohammadmian Soomro chaired the meeting attended by members of Privatisation Board, federal secretary, senior official,
The commission had invited Expressions of Interest (EoI) for the appointment of financial advisory consortium two months ago to divest the 7 per cent shares of the OGDCL as well as 10 percent share of PPL.
Rumors had dominated the stock market last Wednesday as the government finalised the privatisation of OGDCL and consortium of OGDCL advisers. Initially, its share price went down by almost 5pc.
OGDCL is a debt-free company, contributing
On the other hand, the government also holds 67.5pc shares while 7.4pc are held by Benazir Employees Stock Option Scheme and their remaining 25pc shares had been offered for free float.
In addition to this, the meeting has also recommended prequalification of the potential investors who have submitted Statements of Qualification (SOQs) for the privatization of
Amid potential buyers are twenty-three investors, including entities that have never invested in
Out of 23 parties that submitted EoIs, 12 parties submitted their Statements of Qualification (SOQs) by the deadline. Some of the parties who submitted their SOQs also expressed their interest to form consortia with some of the other parties that had submitted EOIs.
During the meetings, the technical, financial, management and legal capabilities of the parties that submitted their SOQs along with their organisational structure, were discussed with all the stakeholders.
The board approved following twelve parties:
The prequalified parties will commence due diligence of the power plants promptly with a view to achieving the earliest possible date for bidding and closing of the transaction timely.
The board also recommended transaction structure on sale of unproductive land owned by the federal government entities for submission to the
© Pakistan Press International, source