ISLAMABAD (November 13 2006): The government has indemnified the global depository receipts (GDRs) issue for Oil and Gas Development Company (OGDC), covering its officials from any possible legal action from the shareholders and, subsequently, its Board approved the transaction plan here in an emergency meeting on Saturday.

Sources told Business Recorder that after a break of three days, the OGDC Board again met on Saturday to take up the GDRs issue, and the Finance Ministry's representative presented an indemnification certificate before the Board to meet its demand.

Privatisation Minister Zahid Hamid, is likely to announce indemnification of GODC GDRs by the government here on Monday.

Sources said that OGDC Board's approval has cleared he way for GDRs listing at London Stock Exchange, and now a team headed by chairman/ managing director Arshad Nasar would leave Islamabad on November 16 for company road shows aboard.

Other members of the team would be Executive Director Najam Kemal Hyder and Director Finance Aftab Khan, with Shahid Akbar as representative of Privatisation Commission.

The team will hold road shows in Dubai, Singapore, UK and USA to give the real picture of OGDC operations for oil and gas exploration and its future strategy to enter international market for exploration activities.

Copyright Business Recorder, 2006