pakistan-raises-813-million-from-sale-of-10-in-ogdc

Pakistan raises $813 million from sale of 10% in OGDC

The oil and gas explorer's share price falls 5% after the placement is priced at a 9.6% discount.
December 03, 2006
The government of Pakistan will raise $813 million from the sale of 10% of Oil and Gas Development OGDC primarily to international investors as part of a privatisation programme that could generate billions of dollars for the government coffers over the next few years.

The size of the deal, which was determined after the institutional portion closed last Thursday November 30, is slightly smaller than the market had expected given that the government had flagged it would sell up to 15%. According to market watchers, the decision not to go for the maximum may have been related to the fact that the share price continued to edge lower during the two-week roadshow after a...
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