CCoP Approves Divestment Of 7% OGDCL Shares

The Cabinet Committee on Privatization on Friday approved the divestment of up to 7 percent of government owned shares in Oil and Gas Development Company Limited (OGDCL) through public offerings and directed to initiate the process of appointment of Financial Adviser for the process

ISLAMABAD, (UrduPoint / Pakistan Point News - 21st Aug, 2020 ):The Cabinet Committee on Privatization on Friday approved the divestment of up to 7 percent of government owned shares in Oil and Gas Development Company Limited (OGDCL) through public offerings and directed to initiate the process of appointment of Financial Adviser for the process.

The meeting of the committee was chaired by Adviser by the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh, according to press statement issued by the Finance Ministry.

The committee also gave approval for the privatization of Guddu Power Plant (747 MW) and gave directions to all the divisions/entities for resolving issues of Guddu Power Plant to facilitate the privatization Process.

Divestment of upto 10% of GOP's shares in PPL through Public offerings was also approved by CCOP.

On the recommendation of the Aviation Division CCoP directed that on Hotel Roosevelt Manhattan, updating of M/s Deloitte reports may be held in abeyance till the revival of the economic and business environment in Manhattan, New York.

The report updation will also cost fee of 30k-35k while the overall business environment in prevailing in Manhattan is not favorable (as of lesser use now), it was briefed to the CCoP.

Transaction Structures for the (a) Privatization of Services International Hotel, Lahore, b) Jinnah Convention Center (c) Divestment of up to 20% shares of Pakistan Reinsurance Company Limited held by GoP (d) House Building Finance Company Limited and (e) First Women Bank limited were also approved by CCoP.