Pakistan Plans to Raise $815 mn by Selling Stake in State Owned Energy Firm OGDC

Pakistan plans to raise about $815 million through the sale of shares in state owned Oil & Gas Development Co (OGDC), reported news agency Reuters.

The moves is part of an initiative by Pakistani government to privatise 68 companies with the aim of raising $5 billion in the next two years to help stabilize an ailing economy.

According to Reuters, the government is offering 323 million ordinary shares in the company and global depositary shares (GDS), each representing 10 ordinary shares. The GDSs will trade in London.

The OGDC offering would be the biggest from a Pakistan-based company since the government sold $913.6 million of GDSs in the oil exploration company in London in late 2006, Thomson Reuters data showed.