The Privatisation Commission on Monday announced the schedule for holding roadshows for offloading exchangeable bonds up to 10 percent of Oil and Gas Development Corporation Ltd in international market. A spokesman said these roadshows will continue from June 19 to June 21 at Abu Dhabi, Singapore, Zurich, London and Hong Kong. The Finance Division and the Privatisation Commission are jointly administering the transaction.
The government is expecting to raise up to $500 million through the sale of exchangeable bonds. The earning of these exchangeable bonds will help achieve the target of around $1 billion set for PC in the annual budget 2011-12, the spokesman said. The rest of the amount would be generated through Initial Public Offerings (IPOs) of Pakistan Petroleum Limited (PPL) and other transactions, he added.
The Financial Advisory Consortium comprising Citibank, Credit Suisse, J P Morgan and BMA Capital has been assigned the task for the issuance of bonds. A meeting of the PC Board being chaired by Ghous Bux Khan Mahar, Federal Minister for Privatisation on Tuesday (today) will also review the progress of the transaction along with other items on the agenda.