Privatization Committee Approves Divestment of Government Shares in OGDCL

The Cabinet Committee on Privatization has approved the “Divestment of up to 7% Government-owned shares in OGDCL” through public offerings and directed to initiate the process of appointment of a financial adviser for the process.

Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh chaired the meeting of the Cabinet Committee on Privatization on Friday.

CCOP also approved the privatization of the Guddu Power Plant (747 MW) and ordered all the divisions/entities to resolve issues of the Guddu Power Plant to facilitate the privatization process.

Divestment of up to 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. Updating the report will also cost 30k-35k while the overall business environment in prevailing in Manhattan is not favorable (as of lesser use now).

Transaction structures for the following were also approved by CCoP:

  • Privatization of Services International Hotel, Lahore,
  • Jinnah Convention Center
  • Divestment of up to 20% shares of Pakistan Reinsurance Company Limited held by GoP
  • House Building Finance Company Limited
  • First Women Bank limited

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