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A pre-bid meeting for creating better understanding regarding the bidding
process of the privatisation of Pakistan State Oil (PSO) was held at Karachi
under the chairmanship of Mr. M. Tahsin Khan Iqbal Secretary Privatisation
Commission.
The important matters required to be settled prior to the privatisation of PSO
were discussed in detail with the potential bidders. All the stakeholders gave
satisfactory replies to the queries made by the participating investors.
The potential bidders Abu Dhabi Group of UAE, Al-Ghurair Group of UAE and
Consortium of Al-Jomeih Group of Kingdom of Saudi Arabia and Al-Noor of Kuwait
participated in the pre-bid meeting. They have already completed the due
diligence of the transaction in the data room.
The Government of Pakistan ("GOP") holds approximately 54% stake in Pakistan
State Oil Company Limited ("PSO"), including both direct holdings of the
Federal Government and indirect holdings through GOP owned institutions. J.P.
Morgan is assisting GOP as the Financial Advisor for the privatisation of PSO.