LSE starts OGDC trading

Posted on 12.07.06 by StockPK Team @ 5:33 pm    

Oil & Gas Development Company Ltd (OGDCL) started unconditional trading of its Global Depositary Shares (GDS) at London Stock Exchange on Wednesday. Since December 1, therefore, OGDCL GDS were being traded on conditional basis, it was learnt.

The offer price was US$18.90 per GDS at LSE, while each GDS represents 10 ordinary shares in the Pakistani equity markets. Based on the offer price, the market capitalisation of OGDCL now stands approximately at US$8 billion.

BMA Capital, Citigroup and Goldman Sachs International acted as Joint Lead Managers, while Citigroup and Goldman Sachs International acting as Joint Global Co-ordinators and Bookrunners for the international offering. BMA Capital also acted as Lead Manager and Bookrunner for the domestic offering and joint lead manager of the international offering, according to a press statement.

Commenting on the success of the Secondary Offering, Zahid Hamid, Minister for Privatisation and Investment, said, “The government’s highly successful economic reforms, based on the pillars of privatisation, deregulation and liberalisation together with policy consistency and continuity, have combined to create a very attractive and conducive investment climate.”

He maintained, “This is reflected in the success of the OGDCL offering and boasts for Pakistanis future in the international capital market. The Pakistani economy is performing well and Foreign Direct Investment, including privatisation proceeds, has reached record levels. We have every reason to be optimistic about the future.”

Arshad Nasar, Chairman and CEO of OGDCL, said that the secondary offering of OGDCL shares heralded a new era in Pakistan’s capital markets and has, in itself, substantially increased the level of international investment in Pakistani equities.

Source: The News