Press Release
GOVERNMENT POSTPONES OGDCL EB TRANSACTION TILL MARKET IMPROVES-PC Spokesman
Islamabad, July 4, 2011
Referring to reports regarding Oil and Gas Development Company Limited ("OGDCL") Exchangeable Bond transaction published/ telecast in a section of print and electronic media during the recent past, a spokesman of the Privatisation Commission (PC) while clarifying the factual situation said that it was the intention of the Government of Pakistan ("GoP") to complete the transaction within the previous fiscal year, however, the international financial markets became extremely volatile towards the end of the fiscal year due to the Greece Crisis and weak economic data emerging from USA. These facts were highlighted to the CCOP and it was decided in the meeting that the transaction would only be launched at an opportune time in the market as and when the markets recover, he said.
Elucidating the details of the process of the transaction, the spokesman informed that Cabinet Committee on Privatisation ("CCOP") approved floating of an OGDCL Exchangeable Bond ("EB") in its meeting held on 8th March 2011. The OGDCL EB allowed for the return of the GoP to international capital markets after prolong gap of four years. It was also decided that due to the hybrid nature of the instrument, Privatisation Commission and Finance Division would jointly manage the transaction. The hiring of a consortium of financial advisors was completed in May when Citibank, JP Morgan, Credit Suisse and BMA were selected from a host of global investment banks, all very keen on the transaction.
He further stated that the CCOP also decided that a series of investor meetings will be held for the GoP and OGDCL in the 3rd week of June in Hong Kong, Singapore and London. A consortium of leading global investment banks comprising of Citibank, JP Morgan and Credit Suisse arranged these meetings for the GoP and OGDCL. These meetings were not roadshows for any specific transaction and no terms of any specific transaction were shared. The meetings provided the opportunity to GoP to share with international financial market participants the key economic reforms undertaken by GoP, it's planned privatisation program and to showcase strong state-owned entities such as OGDCL, he clarified.
The PC Spokesman added that the meetings were well received by the global financial community. The purpose of the meetings was to familiarize the international financial community with developments in Pakistan, since it has not entered the international capital markets for the last 4 years. The GoP will continue to review its options for accessing the international markets at an opportune time, the spokesman concluded.
Director Media
Spokesman-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
I. If you want to receive individual emails
II. Receive one mail with all activity in it
III. Do not want to receive any mail at all
Regards,
Tariq Khattak, Group Manager,
GSM = 0300-9599007 and 0333-9599007
+92-300-9599007 and +92-333-9599007
Tariqgulkhattak@gmail.com
Tariqgulkhattak@hotmail.com
REQUESTS:
1)Please directly contact sender for personal/individual correspondence.
2)Try to discuss issues that will catch attention of many readers.
3)Please avoid sending messages in any language other than English
4)Avoid sending messages addressed to many recipients.
5)Do not send messages aimed at personal publicity.
6)Please do not send personal/other links unless necessary.
7)The Group is not obliged to publish printed news,
very short/long comments and objectionable material.
8)Every mail cannot be published; it will overload Mailboxes
of our valued members.
9)Try to Disagree Without Being Disagreeable, Unsympathetic and/or Unpleasant.
x==x==x==x==x==x
Please note that,
It is a common platform for journalists and all others who are interested in knowing about the issues that are sometimes not reported. This group favours philosophy of progress, reform and the protection of civil liberties. Please share and educate others. The owners and managers of this site do not necessarily agree with any of the information. It is an open forum; everyone is allowed to share anything. Mails sent by members and non-members are subject to approval. However, we are not responsible in any way for the contents of mails / opinion sent by members. We do not guarantee that the information will be completely accurate. (Nor can print and electronic media). If you find content on this site which you feel is inappropriate or inaccurate, incomplete, or useless you are most welcome to report it or contradict it.
Thanks a lot.
0 comments:
Post a Comment
Gujranwalafun@Aol.com
Gujranwala@windiowslive.com