Sale of OGDCL shares deferred

ISLAMABAD: The Finance Ministry has decided to defer the sale of 10 per cent government shares of OGDCL.

The decision to defer the sale was made by the privitisation committee as the target of $800 million was not expected to be met. This was due to the decrease in the price of crude oil in the international market.

The Privitisation Commission had made a plan for the sale of the shares, but this was delayed due the sit-ins and during this period the price of crude oil decreased.

The floor price of Rs216 per share had been approved with an estimated 322 million shares to be sold out of which 311 were to be offered to institutional investors, two thirds of the remaining 11 million shares to general public and one third to OGDCL employees.

On Friday, State Minister for Privatisation, Muhammad Zubair clarified that government was not privatising OGDCL as divesting some of the company’s shares could not be termed as privatisation.