Sale of 10pc OGDCL shares from Wednesday

ISLAMABAD: The sale of 10 percent shares of Oil and Gas Development Company Limited (OGDCL) will begin from Wednesday.

The government is expected to generate Rs750 million from the partial privatization of OGDCL, which it intends to use in paying off the loan to

the International Monetary Fund (IMF) in December. Pakistan is required to pay off 320 million dollars to IMF by December.

According to the officials of Privatization Commission, 320 million shares of OGDCL will be offloaded. A big percentage of these shares will be offered for sale in international market while 2.5 percent will be sold to the domestic consumers and 1 percent to the employees of OGDCL.

The process of sale of 10 percent shares of the prestigious company will be completed in three days – November 5 to 7.