ISLAMABAD: The Privatisation Commission undertook a proposal of divestment of 10 percent shares of the Oil and Gas Development Company Ltd (OGDCL) in its board meeting held on Wednesday, a daily newspaper reported.
The proposal was submitted by the Ministry of Energy to attract investment from international Exploration and Production (E&P) company in the OGDCL. This is being done by increasing the divestment of government-owned shares by up to 10 percent instead of earlier decision of up to seven percent, by the Cabinet Committee on Privatisation (CCoP). The board also gave due consideration to the recent stability of crude oil prices in international markets, share price trends of the OGDCL, and its higher dividend yield ratio.
Federal Minister for Privatisation Mohammed Mian Soomro chaired the board meeting. Additional Secretary Privatisation and commission board members; Etrat Hussain Rizvi, Zafar Iqbal Sobani, Ashfaq Yousuf Tola, Khurram Shehzad, MA Jabbar, Naseer Akhtar, were in attendance among other senior officials of the ministry.