nasirc
Press Release
PC INKS FINANCIAL SERVICES AGREEMENT FOR OGDCL EXCHANGEABLE BONDS
Islamabad, May 16, 2011
The Privatisation Commission (PC) has entered into an agreement here today with the Consortium of Citibank, Credit Suisse, J. P. Morgan and BMA Capital, 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). This is a landmark deal under which the consortium has been tasked to monetize upto 10% of GoP shareholding in OGDCL via an Exchangeable Bond Transaction.
The Secretary Privatisation Commission, Mr. Imtiaz Kazi and Syed Sikander Zulqarnain, representative of the consortium of Citibank, Credit Suisse, J.P.Morgan and BMA Capital, signed the Financial Advisory Services Agreement for OGDCL Exchangeable Bond on behalf of their respective sides. Citbank's Chief Country Officer, Mr. Arif Usmani and Mr. Laeeq Sheikh, PC Board member, were also present as witness to the contract signing.
Following signing of the agreement, a kick-off meeting for OGDCL Exchangeable Bond also took place under the chairmanship of the Secretary Privatisation Commission. The Representatives of State Bank of Pakistan, Ministry of Finance and OGDCL were also present in the meeting.
The Financial Advisory Consortium for OGDCL Exchangeable Bonds presented the transaction overview and also highlighted the performance benchmarks, timeline and responsibilities of all the professional parties involved in the transaction. The consortium assured Privatisation Commission that the deal would be finalized within the deadlines expectations of GoP. The meeting resolved to undertake the requisite activities on fast track basis to ensure timely completion of the transaction before the close of the current fiscal year.
Director Media
Privatisation Commission
Government of Pakistan, 5-A, EAC Building
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