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Potential investors had given a very encouraging response to the country
road shows held recently in Kuwait, Abu Dhabi and Dubai, during which they
have apprised of the excellent performance of the economy during the last
several years and the very attractive investment opportunities available in
the country both under the privatisation program and the Greenfield projects.
Mr. Zahid Hamid Federal Minister for Privatisation & Investment stated this
while addressing a meeting of the Board of the Privatisation Commission
(BPC) here today.
The Minister said that investors in the Middle East as well as in other cities
of US and Europe had greatly appreciated Pakistan's impressive achievements in
the economic field as a result of the innovative Economic Reforms introduced
by Prime Minster Shaukat Aziz as Finance Minster under the guidance of
President Pervez Musharraf.
The investors had been apprised of major upcoming privatisations including
OGDCL's GDR, PSO, and Jamshoro Power Company. They were informed that OGDCL's
10 to 15 % GDR with simultaneous domestic offering is the first international
equity offering by a Pakistani company after more than a decade. Possibility
of subsequent offerings/ GDRs of other companies including banks was also
being examined, he added.
The PC Board reviewed progress on OGDCL GDR transaction in consultation with
Joint Lead Managers (Citigroup, Goldman Sachs and BMA Capital), top OGDCL
management and Ministry of Petroleum & Natural Resources. The PC Board also
reviewed progress regarding transactions of PSO and directed the Financial
Advisor J P Morgan to expedite completion of the valuation process. The Board
noted that 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 have already completed the due diligence of the transaction in the
data room.
The Board also discussed issues relating to the privatisation process of NITL,
JPC, HMC, ENAR Petrotech, PTDC motels, Tomato Paste Plant and land of the
Service International Hotel Lahore. The PC Board members and the senior
officials of the respective ministries and departments were present during the
meeting.