Privatisation Minister Zahid Hamid on Thursday said 10 to 15 percent shares of Oil and Gas Development Company (OGDC) will be offered for global depository receipts (GDRs) and initial public offering (IPO) by September 30.
He told a press conference that Privatisation Commission (PC) was following September 30 as tentative deadline for GDRs and IPO, However the entire transaction including bidding and reporting will be completed by the end of the year.
The minister added that road shows have completed in London and the US and on the second leg the PC will hold road-shows in Singapore and Hong Kong on August 8 and 9 respectively.
He said the SBP governor would accompany him for these road-shows. The minister was satisfied with the outcome of road-shows in London and the US. Zahid termed privatisation as a basic theme of the government policy and reiterated to uphold it by offering many new transactions in the near future.
The list provided by him in this regard also included Pakistan Steel Mills (PSM). He said Council of Common Interests' (CCI) endorsement showed the government commitment to push forward privatisation plan for a number of new public sector entities, including Pakistan Steel Mills. He, however, made it clear that any decision in this regard will be taken after final judgement of the Supreme Court.
The minister did not agree with a questioner that the Supreme Court's short order in PSM case pointed out procedural flaws, saying the PC was following rules and regulations framed under Privatisation Ordinance 2000. However, after the final judgement of the apex court the commission will see where actually does it stand and what should be its strategy ahead.
He claimed that the SC upheld the privatisation law and ordered the government to take PSM case to CCI for approval. Zahid said the government will go by the SC's orders. He said the CCI approved privatisation of 62 new public sector entities in 1997 and these included the PSM and PTCL.
The minister insisted that privatised entities were performing better as their management was working in more cordial atmosphere and counted various entities in support of his arguments.
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