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.

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 total value of the block shrunk as a result of a 17% decline in the share price since mid-September. 

But of the 323 million shares on offer, investors only subscribed...

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