ISLAMABAD: The government on Saturday decided to postpone the sale of 10 percent shares of Oil and Gas Development Company (OGDCL) amid growing opposition from the workers and opposition parties and apprehension that the transaction may not meet the expected target of $815 million.
The decision to deffer the sale 10 percent stakes of the company, for which the book building process was to be completed by today’s morning, was taken by Cabinet Committee on Privatization.
During the meeting the CCoP was informed that if the government proceeds with the planed sale of the 10 percent shares in the current scenario, it might cost some $ 150 dollar to the national kitty, because the transaction will yield less than the expected target.
The meeting was further told that fall in oil prices will also impact the transaction.
After due consideration, the committee decided to deffer the planned sale of 10 percent shares for the company.
It is to be mentioned here that the Privatisation Commission was scheduled to complete the book building process for the sale of 10 per cent shares of OGDC by Saturday morning.
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