ISLAMABAD: A meeting of the Cabinet Committee on Privatization was held in Islamabad on Saturday with the federal minister for science and technology Zahid Hamid in the chair.
During the meeting, the committee was informed that Rs198 billion will be generated through privatization of different state-owned enterprises in the next fiscal year.
The committee considered the offer for the government of Pakistan shares in the Pakistan Petroleum Limited (PPL)
The minister of state for privatization Muhammad Zubair in a detailed briefing explained that the transaction structure of the PPL offered 70 million shares to international and domestic institutional investors and high net worth individuals.
The cabinet committee on privatization was informed that at the floor price of Rs205 per share total orders of Rs29.33 billion have been received. It was further informed that at the strike price of Rs219 per share, total orders of Rs15.98 billion shares have been received.
The committee, on the recommendation of the privatization commission board, approved the strike price of Rs219 per share and allocation of shares to the successful bidders as specified in the offer for sale document.
The Chairman Privatization Commission Muhammad Zubair said that the shares of the state life insurance will be offered to the public through initial public offering (IPO) while the shares of the Oil and Gas Development Company (OGDCL) will be sold out in the international market. He said that the power distribution companies will also be privatized in a phased manner.
