The Pakistan government will offload 10% of its stake in Oil Gas Development and raise $816 million, the latest share sale in the country’s privatisation drive.
The government currently owns 75% of Oil Gas, and aims to sell up to 323 million global depository receipts, or 7.5% of the total free-float, in the secondary share sale. This will bring its stake to 67.5%. One GDR equals 10 shares, according to a term sheet.
Bank of America Merrill Lynch and Citi are handling the international tranche, while Pakistani bank KASB Group is overseeing the domestic orders. Pre-investor education begins this week, with the roadshow scheduled to kick off...
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