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Islamabad, 6 December 2006
Oil & Gas Development Company Limited (OGDCL) Pakistan's leading oil and
gas
E&P Company today marked the first day of trading of its Global Depositary
Shares (GDSs) on the London Stock Exchange (LSE). The offering price of GDSs
was US$18.90, with each GDS representing 10 ordinary shares. Based on the
offering price, the market capitalization of OGDCL is approximately US$ 8
billion. BMA Capital, Citigroup and Goldman Sachs International acted as
Joint Lead Managers with Citigroup and Goldman Sachs International acting as
Joint Global Coordinators and Bookrunners for the international offering and
BMA Capital as Lead Manager and Bookrunner for the domestic offering and
joint lead manager of the international offering.
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Commenting on the success of the Secondary Offering, Zahid Hamid, Minister
for Privatisation and Investment, said: "The Government's highly successful
economic reforms, based on the pillars of privatisation, deregulation and
liberalisation together with policy consistency and continuity, have
combined to create a very attractive and conducive investment climate. This
is reflected in the success of the OGDCL offering and boasts for Pakistan's
future in the international capital market. The Pakistani economy is
performing well and Foreign Direct Investment, including privatisation
proceeds, has reached record levels. We have every reason to be optimistic
about the future."
Arshad Nasar, Chairman and CEO, said: "The secondary offering of OGDCL
shares heralds a new era in Pakistan's capital markets and has, in itself,
substantially increased the level of international investment in Pakistani
equities. We view the level of international interest in our business as a
great endorsement of our performance and prospects. "Our attention now turns
to ensuring that the expectations of our investors are met. To this end,
our commitment to the highest standards of transparency and governance is
unwavering."