ISLAMABAD (December 15 2006): The government on Thursday informed the National Assembly standing committee on privatisation that the secondary offering for Oil and Gas Development Company Limited (OGDCL) shares in local stock markets would start within days.

"The retail offering (of OGDCL shares) is expected to start in mid-December with the publication of offering for the sale document," an official statement quoted Privatisation Minister Zahid Hamid as telling the committee. He said the offering would be followed by the subscription period during which the public could apply for OGDCL shares.

The minister also briefed the panel about the divestment of 10 per cent equity of OGDCL in the London Stock Market. Presided over by MNA Syed Muhammad Asghar Shah, the committee was also apprised about the sale of 51 percent shares of NRL, the statement added.

Meanwhile, a member told Business Recorder after the meeting the committee had asked the government to privatise 'sensitive' national outfits in such a way that no anti-Pakistan element could get into the country. The meeting had also called upon the government to ensure the security of employees' future in case of privatisation of those organisations they worked in, the member added.

Zahid Hamid, however, assured the committee that the government was well aware of the employees' job security and it was making it sure through various regulatory measures that their future remained safe in case of privatisation.

Copyright Business Recorder, 2006