Pakistan government to divest 15% stake in oil and gas explorer

Scarcity of Pakistan paper should underpin demand for the GDS issue, which could raise up to $1.4 billion, but valuation may deter some.

The government of Pakistan will begin the sale of up to 15% of Oil and Gas Development OGDC to international and domestic investors this week, reducing its current 95% stake in the company, the countryƆs Privatisation Commission said yesterday.

Based on the share price in the domestic markets, the offer is expected to raise up to $1.4 billion for the government, bankers estimate.

The share price has come down slightly from a high of around PKR156 at the end...

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