Press Release
PC RECEIVES EOIs FROM FOUR CONSORTIA FOR FINANCIAL ADVISORY SERVICES FOR OGDCL EXCHANGEABLE BONDS TRANSACTION
Islamabad, April 13, 2011
In response to the Privatisation Commission's (PC) invitation to Financial Advisory Consortia for the issuance of OGDCL Exchangeable Bonds for Expression of Interest (EOI) for 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 PC has received EOIs along with non-refundable processing fee of US $ 10,000/= each from four (4) consortia, which include 1. Bank of America/ Merrill Lynch, Barclays Bank, SCB, and KASB, 2. HSBC, BNP PARIBAS, UBS, NIB, and NBP, 3. Citibank, JP Morgan, Credit Suisse, and BMA 4. Nomura, Deutsche Bank, and Silk Bank. The consortia that have submitted their EOIs are being issued Request for Proposal (RFP) package for inviting Technical and Financial proposals. The last date for the submission of the Technical & Financial proposals will be informed later.
OGDCL is the largest petroleum exploration, production and development company in Pakistan, listed on all three Stock Exchanges in Pakistan as well as on London Stock Exchange.
In 2003, Government of Pakistan ("GoP") divested 4.98% of OGDCL shares via an Initial Public Offering (IPO) followed by Secondary Offering (SO) of 9.5% shares in the form of Global Depositary Receipts ("GDRs") at London Stock Exchange and simultaneous Secondary Public Offering (SPO) of 0.5% to the general public in 2006. GoP further divested its OGDCL shares via the Benazir Employee Stock Option Scheme (BESOS) where unit certificates equivalent to (10.2% shares) were distributed among the company employees free of cost for empowerment of the workers. Presently, GoP holds 74.82% of OGDCL shares and plans to monetize up to 10% OGDCL shares by means of an issuance of Exchangeable Bond to international institutional investors ("Transaction"), jointly administered by the Privatisation Commission and the Finance Division.
The Transaction will be jointly led by at least 2 (two) international Bookrunners who have recognized equity linked sales, distribution, and underwriting capabilities and demonstrable track record of successfully managing such issuances. The FAC will preferably include a local financial institution as part of the consortium. The Interested Parties were asked to demonstrate post issuance backup capabilities and provide after listing performance of the recent equity linked instruments successfully listed by them.
The potential parties were asked to send their EOIs containing, in no more than 15 pages, a statement of technical qualification comprising experience of equity linked underwriting strength, distribution capabilities, presence and commitment to Pakistan, knowledge of the Oil & Gas Industry and OGDCL, advisory to emerging market entities for international listings, and competence and commitment of the team.
Director Media
Privatisation Commission
Government of Pakistan, 5-A, EAC Building
Constitution Avenue, Islamabad,PAKISTAN
off- 92 51 920 5146 Ext: 253 fax- 92 51 921 1692 or 92 51 920 3076 email: parwaz_pk@yahoo.com
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