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.

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 deal now estimates that the total deal size will be between $600 million to $650 million.

News the government was looking to offload the 10% stake contributed to the slump.

...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222