Business

Govt postpones OGDCL privatization plan

ISLAMABAD: Privatization committee of the federal cabinet has postponed the proposed plan of selling 10 percent shares of the Oil and Gas Development Company Limited (OGDCL), ARY News reported.

Sources with the Ministry of Finance told that the decision was made following a decline of petroleum prices in the international market and improving economy of the country.

The government was expected to receive 81-83 crore USD from the sale of 10 percent shares of the OGDCL, however after the completion of book building process, the privatization price was set as Rs 216 per share, which was lower enough than what was being anticipated by the government.

The chairman of the Privatization Commission, Muhammad Zubair while addressing a press conference had said that the sale of OGDCL shares at this price could yield as much as 78 crore USD.

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