Business

SC allows government for OGDCL auction

ISLAMABAD: The Supreme Court has granted condtional permission to government for the auction of Oil and Gas Development Authority’s (OGDCL) shares, ARY News reported.

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A two member apex court bench heard the federations appeal over the auction of OGDCL shares.

The court bench comprising Justice Ejaz Afzal and Justice Gulzar Ahmed, in its order allowing government to present 10 per cent shares of OGDCL barred from selling without approval of Apex Court.

The Peshawar High Court (PHC) had issued a stay order on the buying, selling and transfer of OGDCL shares which the Privatization Commission challenged in the Supreme Court.

Book Building of OGDCL is expected to be done next week. Government is hoping to gain $ 800 million from its auction.

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