Govt postpones OGDCL bond transaction

Privatisation Commission (PC) said the Oil and Gas Development Company Limited (OGDCL) Exchangeable Bond transaction has been postponed due to international financial markets volatile situation and the Greece crisis besides weak economic data emerging from USA.

It was the intention of the Government of Pakistan (GoP) to complete the transaction within the previous fiscal year, however under such situation it was decided the transaction would only be launched at an opportune time in the market as and when the markets recover, he said. Elucidating the details of the process of the transaction, the spokesman informed Cabinet Committee on Privatisation (CCOP) approved floating of an OGDCL Exchangeable Bond (EB) in its meeting on March 8, 2011.

From: Daily Times