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The Privatisation Commission has appointed a consortium comprising
Citigroup, Goldman Sachs and BMA Capital Management as Financial Advisory
Consortium (FAC) for the divestment of 10 % to 15 % equity (430,093,000 to
645,139,000 shares) of the country's largest oil & gas exploration and
production company, Oil & Gas Development Company Limited (OGDCL) by means of
a simultaneous international offering through Global Depositary Receipts (GDR)
and a domestic secondary offering. An agreement in this regard has been
reached and signed here today by the respective representatives.
Citigroup and Goldman Sachs will act as joint global coordinators and joint
bookrunners and BMA Capital Management will act as domestic joint lead
manager. Expressions of Interest (EOI) for transaction were invited in
December 2005.
The Financial Advisory Consortium (FAC) will conduct international country and
management roadshows to attract investors for the transaction, which will be
followed by Q & A sessions. FAC will carryout necessary due diligence and
liaison with stock exchanges and regulators.