PC BOARD FORMS NEGOTIATION COMMITTEES FOR APPOINTMENT OF FAC & LEGAL COUNSEL FOR OGDCL EXCHANGEABLE BONDS

The Privatisation Commission (PC) Board, which met under the chairmanship of Mr. Ghous Bux Khan Mahar Federal Minister for Privatisation here today, constituted two negotiation Committees for the appointment of Financial Advisory Consortia (FAC) and issuer’s Legal Counsel for the Exchangeable Bonds of Oil & Gas Development Company Limited (OGDCL).

The PC board was informed that the recommendations of the Pre-Qualification Committee (PQC) constituted by the PC Board, jointly administered by the Privatisation Commission (PC) and the Finance Division including members from SECP, M/o PNR, OGDCL, headed by a PC board member, which has evaluated the RFP package during a presentations session by the interested parties (IPs) and evaluated the Technical and Financial Bids of the interested parties and pre-qualified two parties i.e. Citibank, JP Morgan, Credit Suisse, and BMA 2. Barclays Bank, Standard Chartered Bank, Merrill Lynch/ Bank of America, and KASB, and ranked Citibank, JP Morgan, Credit Suisse, and BMA Consortia on top.

The PC board authorized a six member Committee to negotiate with the top ranking consortia and inform PC Board about the outcome for proceeding further with the hiring process for the appointment of Financial Advisory Consortia for the issuance of Oil & Gas Development Company Limited (OGDCL)’s Exchangeable Bonds by monetizing up to 10 % of Government of Pakistan (GoP) shareholding (up to 430,000,000 shares) in OGDCL (Transactions). The Committee includes the representatives of Finance Division, State Bank of Pakistan among its members.

The PC Board also constituted another Committee to negotiate with Bhandari Naqvi & Riaz and Freshfields Bruckhaus Deringer LLP for appointment of Issuer’s Legal Counsel for OGDCL Exchangeable Bonds.

Earlier, addressing the PC Board Mr. Ghous Bux Khan Mahar Federal Minister for Privatisation directed the PC officials to strictly to adhere to the rules while processing Transactions and ensure utmost transparency at every step.

While reviewing implementation status of the decisions taken during the previous Board meeting, the PC board was informed that Expressions of Interest (EOI) have been invited from the interested parties for the divestment of 88 % of GoP shares in Heavy Electrical Complex (HEC) and that the National Power Construction Company (NPCC) transaction was being progressed on fast track basis to be completed within the given timeframe of four months. The appointment of Lead Manager for divestment of Pakistan Petroleum Limited (PPL) shares through Secondary Public Offering (SPO) was also under process by the Transaction Committee, the Board was informed.

The PC Board formulated certain recommendations for Cabinet Committee On Privatisation (CCOP) and reviewed the status and progress of various ongoing and upcoming transactions. The Secretary Privatisation Commission Mr. Imtiaz Hussain Kazi conducted proceeding of the meeting while senior officials of Finance, Petroleum & Natural Resources Divisions, OGDCL and Privatisation Commission attended.

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