Pakistan's Oil & Gas stake sale hits turbulence

Oil & Gas Development's plunging share price following the news of the government sell-down could deplete the amount raised by a quarter. Books close Friday.

Pakistan's Oil & Gas stake sale hits turbulence

The total value of Pakistan's block sale in Oil Gas Development has shrunk as a result of a 17% decline in the share price since mid-September.

The government, which is looking to reduce its stake in the company to 65% from 75%, had initially sought to raise up to $816 million by selling 323 million global depository receipts, or 7.5% of the company's total free float.

But one banker close to the...

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