CCoP approves divestment of 7% shares in OGDCL

News Desk

The Cabinet Committee on Privatization (CC0P) has approved the “Divestment of up to 7% Government-owned shares in OGDCL” through public offerings. It also directed to initiate the appointment of a Financial Adviser for the process.

According to details, the meeting of CCoP held in Islamabad on Friday with Adviser to the Prime Minister on Finance and Revenue Dr. Abdul Hafeez Shaikh in the chair.

The Committee also approved the privatization of the Guddu Power Plant (747 MW). It gave directions to all the divisions/entities for resolving issues of the Guddu Power Plant to facilitate the privatization process.

The CCoP also approved divestment of up to 10% of GOP’s shares in PPL through Public offerings.

On the Aviation Division’s recommendation, CCoP directed on Hotel Roosevelt Manhattan, updating M/s Deloitte reports may be held in abeyance until the revival of the economic and business environment in Manhattan, New York.

The report updation will also cost a fee of 30k-35k. Simultaneously, the overall business environment prevailing in Manhattan is not favorable (as of lesser use now), it also briefed to the CCoP.

The Committee also approved transaction structures for the (a) Privatization of Services International Hotel, Lahore, b) Jinnah Convention Center c) Divestment of up to 20% shares of Pakistan Reinsurance Company Limited held by GOP  d) House Building Finance Company Limited and e) First Women Bank Limited.