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The Pakistani government is considering embarking on Global Depository
Receipts (GDR) offers of shares from three banks - Habib Bank, United Bank and
National Bank - and a power generation company to be followed by an
international GDR offer of 10-15 per cent shares of the State- owned Oil and
Gas Development Company (OGDC) on the London stock exchange, Mr. Zahid Hamid,
the Federal Minister for Privatisation & Investment said in an interview with
a UK based daily Financial Times.Mr. Zahid Hamid said: "This [OGDC offer] will
give us access to international capital markets. It will not only enhance the
country profile but also help OGDC's transformation".
He further stated that the response from prospective investors during road
shows outside Pakistan had been positive. OGDC, with a market capitalization
of approximately $10.2bn, announced this week that it had discovered oil and
gas reserves in the northwest, which would raise Pakistan's daily oil
production capacity to 69,000 barrels from 65,000. OGDC has also discovered
gas reserves with a capacity of about 12m cu ft per day. The daily observed
that the plan highlights Islamabad's increasing interest in reaching out to
international capital markets, almost 12 years after Pakistan Telecom shares
were offered globally in this way. The move follows an economic recovery of
more than two years that has encouraged government leaders to give the
go-ahead for Pakistan's return to international capital markets, senior
government officials have said. The government has not revealed the exact
value of OGDC shares that would be offered, though officials have said they
expect the listing to take place in the next two to three months, the
Financial Times reports.