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The bidding for the sale of Services International Hotel (SIH), Lahore on
“as is where is basis”, Hazara Phosphate Fertilizers Ltd (HPFL) and Lyallpur
Chemicals & Fertilizers Limited (LCFL)will be held in the next few weeks. Mr.
Zahid Hamid Federal Minister for Privatisation & Investment stated this while
chairing a meeting of the Board of Privatisation Commission here today.
Mr. Zahid Hamid said that the government was endeavoring to get maximum price
for its assets and to bring in quality players through competitive, open and
transparent bidding process. The privatisation process has yielded huge
benefits for the national economy not only through utilization of
privatisation proceeds for debt retirement and poverty alleviation, but also
through increased investment, reduction of subsidies, enhancement on
government revenues and resulting increased availability of funds for social
sector, he said.
A team of Joint Lead Managers led by Goldman Sachs and Citigroup made a
detailed presentation before the Board on the up to date position of for the
divestment of 10% to 15 % shares of Oil & Gas Development Company Limited (OGDCL)’s
equity through Global Depository Receipts (GDRs) and a secondary domestic
Offering. The initial domestic 5 % listing of OGDCL shares in 2003 was a
tremendous success and had been oversubscribed by more than seven times
attracting an amount of more than Rs. 28 billion. The market capitalization
increased by more than Rs. 170 billion, which works out to about US$ 3
billion.
The meeting reviewed the progress and status of various on going and upcoming
transactions. The PC Board members, senior officials of the respective
Ministries and the concerned departments were present during the meeting.