FRIDAY MARCH 11: $200 million exchangeable bonds for OGDCL: PC Board gives go ahead for hiring FA

ISLAMABAD: The Privatisation Commission Board on Thursday approved initiation of the process for hiring Financial Advisor (FA) for offloading $200 million exchangeable bonds for Oil & Gas Development Company Limited (OGDCL). The board met under the chairmanship of Federal Minister for Privatisation, Water & Power Syed Naveed Qamar also agreed over the roadmap for the capital market transaction upto June 30, 2011.
The roadmap includes exchangeable bonds of OGDCL and Initial Public Offering (IPO) of State Life Insurance Company (SLIC), Pak Arab Refinery Company (Parco), Government Holdings Petroleum Limited (GHPL), National Insurance Company Limited (NICL), Faisalabad Electric Supply Company (Fesco), Islamabad Electric Supply Company (Iesco - after approval by the Council of Common Interests (CCI), Secondary Public Offering (SPO) of Pakistan Petroleum Limited (PPL), Habib Bank Limited (HBL) and Global Depository Receipts (GDR) of Kot Addu Power Company (Kapco), Habib Bank Limited (HBL) and National Bank of Pakistan (NBP). Prior to undertaking these transactions, roadshows will be organised at Hong Kong, Singapore, Dubai, London and New York in next 2-3 months.
The Board also set up a committee for formulating its recommendations under Public Private Partnership mode prior to initiating the process for Jamshoro Power Company Limited (JPCL). Syed Naveed Qamar informed the PC Board that on privatisation front, there was a major shift from strategic sale to the Public Private Partnership (PPP) to bring in professional, efficient management from the private sector for enhancing the production, making value addition to our national assets by making them profitable and creating more jobs through expansions in the Public Sector Entities (PSEs).
The PC Board also reviewed the implementation status of the decisions of the earlier meetings. It was brought to the notice of the Board that a committee constituted to review the Supreme Court judgement before proceeding ahead regarding any privatisation related issue of Pakistan Steel Mills Corporation (PSMC). The committee observed that the PC being petitioner before the Supreme Court of Pakistan cannot undertake any such exercise, however, the efforts should be made to evolve an approach for early disposal of the case pending for long. The PC Board also reviewed the privatisation of Heavy Electrical Company (HEC) and modalities for finalising the transaction.