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.

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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.


 
TAHIR PARWAZ
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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UNIC PR Header.JPG
PRESS RELEASE

 

 
 
THE SECRETARY-GENERAL MESSAGE ON WORLD TELECOMMUNICATION

AND INFORMATION SOCIETY DAY

17 May 2011

 

 

ISLAMABAD, 16 May 2011 (UN Information Centre) The purpose of World Telecommunication and Information Society Day (WTISD) is to help raise awareness of the possibilities that the use of the Internet and other information and communication technologies (ICT) can bring to societies and economies, as well as of ways to bridge the digital divide.

17 May marks the anniversary of the signing of the first International Telegraph Convention and the creation of the International Telecommunication Union.


In November 2005, the World Summit on the Information Society called upon the UN General Assembly to declare 17 May as World Information Society Day to focus on the importance of ICT and the wide range of issues related to the Information Society raised by WSIS. The General Assembly adopted a resolution (A/RES/60/252) in March 2006 stipulating that World Information Society Day shall be celebrated every year on 17 May.

 

 

The UN Secretary-General issued the following message on this Day:

 

"Information and communication technologies have transformed the global landscape.  They power the world economy and have become the great enablers of modern society, helping people communicate across distances and cultural divides, facilitating trade and commerce, and providing access to critical resources such as healthcare and education.

 

Recent events around the world, in particular in North Africa and the Middle East, have also highlighted the catalytic role that mobile phones and social media can play in galvanizing public opinion against repression.  And in the aftermath of natural disasters that have struck with greater frequency and force, we have seen how these technologies are a vital part of the aid response, establishing lines of communication that can save lives, reunite families and help emergency relief reach people in need.

 

The theme of this year's observance, "Better life in rural communities with ICTs", highlights the need to harness the full potential of ICTs for the benefit of the world's rural population.  Seventy per cent of the developing world's 1.4 billion extremely poor people live in rural areas.  Their lives can be transformed as we connect village schools to information and knowledge on the Internet, bring telemedicine to far-flung rural health centres, provide accurate weather information to farmers and fishermen, and supply up-to-date market information to producers.

 

The International Telecommunication Union and its partners continue striving to connect the world.  I welcome these efforts, especially the drive to bring broadband to every community.  Broadband telecommunications will make it possible to drive content to the remotest rural districts.

 

As we bridge the digital divide, we narrow the chasm that separates those with and without access to information and knowledge, thereby broadening opportunities for a better life.  Greater access means earlier achievement of the Millennium Development Goals.  It means less poverty and hunger, and more environmental sustainability.  And it translates into greater equality and empowerment for women and the underprivileged.

 

On this World Telecommunication and Information Society Day, let us resolve to connect rural communities and the entire world to the digital revolution as a means of achieving our development goals and fostering peace and prosperity for all."

 

 

***




 

Assalam o Aleakum !

Kindly find the attachments...............

Wasslam

Faisal Badar
Media Department
Al-Khidmat Welfare Society Karachi
Tel # +92-21-111-503-504 Cell # +92-321-3897309



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Dear all

Here is my latest article titled 'The death of Osama', published in Frontier Post and The Statesman.

Thank you

Dr Ghayur Ayub (London)


,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,


The death of Osama

by

Dr Ghayur Ayub


The Abbotabad attack on May 2nd put many Pakistanis in shame. They felt like this back in 1971 when half of the country was lost and over 90 thousands Pak army surrendered. But there is a difference between the two feelings of shame. This time, without losing part of the country, the state sovereignty was blighted dropping the anvil on the government and army/ISI. In this article I will briefly highlight three points. First, was OBL a sectarian fanatic like his followers in the Taliban?; Second are there any discrepancies in the findings produced by the White House and our army team; Third what could be the possible fallouts of this attack.


When Gen Kayani took over as Army Chief, the army image was at the lowest ebb because of Gen. Musharaf 's policies. Gen. Kayani cleansed this image in a short span of time. His success against the Taliban in the Swat operation, his role in helping the victims of the floods, and his stand on the Kerry Logar Bill or presentation on war on terror in Brussels proved that the Pak army can achieve its goals militarily, socially and politically. He also played the role of a wise man in the restoration of Ch Iftikhar as CJP. However, when the newly liberated judiciary started interfering in the malpractices of executive, some important political figures started feeling the pinch. According to news items Mr. Asif Ali Zardari had complained to the Americans about army interference in his work. The army which already had unhealthy relationship with a few opposition parties became soft target of the government.


The relationship between CIA and ISI was strained starting in December 2010 when a federal court in America made ISI a party in a case pertaining to the Bombay terrorist attack of November 2008. Obama's government did not help ISI in the case, infuriating the agency. A few weeks later, Karim Khan from North Waziristan filed a lawsuit in Peshawar High Court against the CIA station chief Jonathan Banks, on charges of providing operational guidance for the drone attacks which killed his son and brother. Americans saw ISI's hand in the case and hurriedly retreated Mr.Banks from Pakistan. As if that was not enough Raymond Davies arrest put Obama, his administration and CIA on the mat. The blame fell on ISI. The world saw ISI playing a superior spy game beating its American counterpart and for that matter the Obama administration. After a day long exclusive meeting between the army chiefs of the two countries in Oman, Raymond Davies was released. The army/ISI which always had cozy relationship with the Americans became the hard target and the Americans started waiting for an opportune time to hit back.


According to reports, the precursor to May 2nd episode started when ISI passed on information to CIA about infrequent suspicious messages on financial transactions through a SIM. One of the messages was sent from the house where OBL lived. It was then that CIA agents who were given visas by Hussain Haqqani without ISI clearance rented a nearby house and started collecting human intelligence about the occupants. Once they confirmed the high valued target could be OBL, they started waiting for the time to attack. May the 2nd turned out to be perfect for the following reasons;


  • It was this very day eight years ago when George Bush announced 'mission accomplished';

  • The deadline for the passage of American budget is on August the 2nd.. Because of strong Republican opposition its failing could adversely affect war on terror in Afghanistan.

  • The Al-Qaeda attacks in Afghanistan increase from this month onwards;

  • Obama's rating was falling rapidly;

  • The planned American reduction of forces in July was coming closer;

  • The performance record of ISI vis-a-vis CIA was spiralling up.

A well designed plan was executed excellently by Navy Seals achieving most of the targets throwing the image of Pak army and ISI in the gutter. The rest is history. According to news reports the CIA personnel who rented the nearby house have vacated the property leaving no evidence behind.


Irrespective of whether OBL was killed on May 2nd or died before, one thing is clear that he is officially dead confirmed by his own group, Al-Qaeda. After this background, let me take up the first point, whether OBL was a sectarian fanatic Muslim or not. A good number of Pakistanis believe he was not. According to those who met him say that he kept a delicate balance between his living in Afghanistan as guest of Taliban and their sectarian beliefs putting him in a precarious position. They say he tried to help Taliban government in business deals with foreign governments and large corporations. After interfering in a major oil deal between Taliban and a known US corporation his relation with the Americans deteriorated from bad to worse. He announced Jihad against America and promised to make Americans scared all over the world snatching away the feeling of freedom they like flaunting. In doing so he wanted to become a legend in Islamic history. Time will tell whether he succeeded in his aims.


On the second point; so far, we have seen many discrepancies in reports issued by the White House. Enough is written on that and the list keeps piling up everyday. As reported, the military investigative team is busy collecting its own findings. Let us wait for those findings and see if more discrepancies surface. Most probably the report will try to blacken the picture painted by the Americans. But one thing makes political sense that both CIA and ISI know that they need each other in the war on terror just like American political forces want Pakistan on their side in this war. At the same time the Americans would like to keep Pakistan and its army under pressure at a level that it does not go out of hand and erupt as street protests in the likes of the Middle East and North Africa. That would be a disaster for the American interests in the region.


The third point pertains to the possible fallout of May 2nd incident which could take the shape of;


  • The army clearing its image through its own investigation and recover from its fallen grace;

  • Resurfacing of workable relation between ISI and CIA.;

  • Heating up political tension between politicians;

  • The government nosediving in popularity especially after the budget;

  • Increase in the drone attacks;

  • Increase in the terrorist attacks;

  • The fear of a technocrat government recently expressed by Asif Ali Zardari becoming a reality. In other words, the Abbotabad hammer might fall on the political government. After all, in past the Ojhri camp disaster fell on Juneju's government and the Kargil episode fell on Nawaz Sharif's government. The Americans usually prefer army over the political set-ups in Pakistan. But keeping the present global environment in mind, they do not want to see army taking over the driving seat. So they wouldn't mind seeing the May 2nd attack on Osama becoming a prelude to a much talked about technocrat government provided the process is carried out without violating the Constitution of Pakistan.

The end



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