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Cabinet body approves sale of 322 mln OGDCL shares

ISLAMABAD: Privatization Committee of the federal cabinet in a meeting approved sale of 322 million shares of the Oil & Gas Development Company Limited (OGDCL), ARY News reported on Thursday.

A meeting of the Privatization Committee chaired by Minister of Finance Ishaq Dar considered over fixation of the floor price of 10 percent shares of OGDCL.

The Privatization Commission in a statement has said that the government cosidering over sale of 322 million shares of OGDCL. After the commission’s recommendation the floor price has been fixed at Rs 216 per share.

The sale on the floor price will be completed by November 7.

The meeting of the Privatization Committee was also attended by Petroleum Minister Shahid Khaqan Abbasi, Commerce Minister Khurram Dastageer and Information Minister Pervaiz Rasheed.

It is pertinent to mention here that the parliamentary opposition especially Pakistan People’s Party has opposed the government’s plans of privatization of 69 state owned units.

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