Islamabad: The Privatisation Board on Wednesday approved of a rise in divested government shares of the Oil and Gas Development Company Ltd (OGDCL) in the capital market from 7% to 10% — a news source reported. The decision was taken on the recommendation of the Energy Ministry, in a meeting of the board chaired by Minister for Privatisation Muhammad Mian Soomro.
The matter will now be placed before the Cabinet Committee on Privatisation (CCoP) for final approval. The divestment is meant to raise additional investment from international companies.
The government is also planning a divestment of 10% shares in the Pakistan Petroleum Limited (PPL), which is on hold because of the declining international oil prices.
The board also decided that the divestment of the shares for two major companies should not be a block sale. Instead, the shares of the other company should be brought on the market after the previous ones have been divested.
