A pre-bid meeting for creating better understanding regarding the bidding process of the privatisation of Pakistan State Oil (PSO) was held in Karachi with Privatisation Commission Secretary M. Tahsin Khan Iqbal in the chair.
Important matters, which required settlement prior to the PSO privatisation, were discussed in detail with the potential bidders, a press release issued here on Thursday said.
All the stakeholders gave satisfactory replies to the queries made by the participating investors.
The potential bidders, Abu Dhabi Group of the UAE, Al-Ghurair Group of the UAE and Consortium of Al-Jomeih Group of Saudi Arabia and Al-Noor of Kuwait, participated in the pre-bid meeting. They had already completed the due diligence of the transaction in the data room.
The representatives of PSO management, Finance Ministry, Petroleum and Natural Resources Ministry and Privatisation Commission officials were present during the meeting.
The Government of Pakistan holds approximately 54 percent stake in PSO, including both direct holdings of the federal government and indirect holdings through Government of Pakistan-owned institutions. J.P. Morgan is assisting the government as the financial adviser for the PSO privatisation.
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