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The Cabinet Committee on Privatisation (CCOP) approved the initial public
offering (IPO) of 2.5 % shares of Oil & Gas Development Company Limited (OGDCL)
with a provision of Green Shoe option for additional 2.5 % shares in multiples
of 1000 shares and divestment of additional 3.2 % shares of National Bank of
Pakistan (NBP) in multiples of 500 shares through Stock Market in October
2003. Preference would be given to applicants for the minimum lot of 1000
shares of OGDCL and 500 shares for NBP. This was decided in a meeting held
under the chairmanship of the Federal Minister for Finance Mr. Shaukat Aziz
here today.
The CCOP directed the Ministries / Divisions to extend maximum cooperation to
the Privatisation Commission for the success of the Privatisation Program.
The CCOP further directed the entities on the Privatisation list should not
take any action, which jeopardize the Privatisation process.
The Federal Ministers for Privatisation & Investment Dr. Abdul Hafeez Shaikh
and the representatives of Securities Exchange Commission of Pakistan (SECP),
State Bank of Pakistan (SBP), Board of Investment (BOI), Privatisation
Commission (PC) and relevant Ministries also attended the meeting.