Pakistan scraps Oil & Gas stake sale

Pakistan's failure to offload a 10% stake in Oil & Gas will be seen as a blow to the government's privatisation scheme.

Pakistan scraps Oil & Gas stake sale

The Pakistan government scrapped the sale of a 10% stake in Oil Gas Development on Saturday after investors only purchased about half the shares on offer. 

The government currently owns 75% of Oil Gas and aimed to sell up to 323 million global depository receipts, or about 7.5% of the free-float, in the secondary share sale, at a fixed price of PRs216 per share. It initially sought to raise $816 million but the...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Print Edition

FinanceAsia Print Edition