CCoP approves 7pc divestment in OGDC,10pc in PPL shares

ISLAMABAD: The Cabinet Committee on Privatisation (CCoP) on Friday approved the divestment of 7pc government shares in Oil and Gas Development Company (OGDCL) and 10pc in Pakistan Petroleum Limited (PPL).

The CCoP meeting, chaired by Finance Adviser Abdul Hafeez Sheikh, approved the divestment of 7pc government-owned shares in OGDCL through public offerings and directed the concerned to initiate the process of appointment of a financial adviser in this regard. Up to 10pc government shares in PPL through public offerings were also approved in the meeting.

It may be noted that the committee had initially decided to divest up to seven per cent shares of OGDCL during a meeting in August 2019. However, in February this year, the committee directed stakeholders to discuss and submit their recommendations on the proposed divestment after Prime Minister Imran Khan emphasized on the privatisation process to accelerate.

Meanwhile, the CCoP also approved transaction structures for the privatization of Services International Hotel, Jinnah Convention Centre, divestment of 20pc shares in Pakistan Reinsurance Company, House Building Finance Company Ltd and First Women Bank Ltd.

In addition, it okayed the privatization of Guddu Power Plant (747MW) and gave directions to all the divisions/entities to resolve all related issues so as to expedite the privatization process.

On PIA’s Hotel Roosevelt, the CCoP agreed with the recommendation of the Aviation Division and directed the concerned to hold the updating of M/s Deloitte reports [on the hotel] in abeyance till the revival of the economic and business environment in Manhattan, New York.

 

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