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UBL, PPL, OGDCL to privatize within 2-month; PIA by June 2015

ISLAMABAD: The government has decided to auction government shares of United Bank Limited (UBL), Pakistan Petroleum Limited (PPL) and Oil & Gas Development Company Limited (OGDCL) within two months, ARY News reported.

The government has set June 2015, the deadline to auction the shares of Pakistan International Airline (PIA).

It was informed in the privatization commission board’s meeting that UBL’s privatization will be completed by June 2014, whose 20 per cent shares will be sold at $400 million. 10 per cent of its shares will be sold in international stock market. And road show for the cause will start in the first week of May.

Similarly, OGDCL’s shares will also be sold in June and it’s expected to generate $ 850 million.
PPL shares will be brought in local stock market at the end of June targeted to be sold in Rs.20-25 billion.

Furthermore, it has been briefed in the meeting that PIA will be divided into parts before its privatization, one subsidiary – with the responsibility to look for aerial affairs. 

In the meeting it has been decided that 26 per cent shares of PIA will be sold with administration control.

Meanwhile, hotels of PIA located in New York and Paris will also auction in 2015.

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UBL, PPL, OGDCL to privatize within 2-month; PIA by June 2015

by Zohaib Kazmi