December 13, 2023 (MLN): The Privatisation Commission Board on Tuesday referred the decision for the transfer of 10% shares of the Oil & Gas Development Company (PSX: OGDCL) in the name of the Petroleum Division to the Cabinet Committee on Privatization (CCoP) as the divestment of shares had not been allowed by the CCOP/Cabinet earlier in 2021.
According to a press release issued on the same day, the agenda mentioned above was deliberated upon in a meeting between the Caretaker Federal Minister for Privatization, Fawad Hasan Fawad, and the Privatization Commission Board.
To recall, OGDCL shares were transferred in the name of the Privatization Commission in 2014 for proposed divestment through international and domestic offering of shares.
After the postponement of the privatization in November 2014 the Privatization Commission had again initiated the process for divestment of seven percent shares in August 2019.
However, the CCoP on the recommendation of the Petroleum Division stopped the divestment in 2021 as the sale of shares at the prevalent price at the time was not deemed feasible.
During the meeting, the board also approved the draft Privatization Commission (Government to Government Agreement Mode-Manner and Procedure) Rules, 2023.
The board further authorized a six-month extension to the contract of the audit firm with no additional fee for completion of Privatization Commission audits for the period July 2013 to June 2022.
