OGDC GDS over-allotment option used

The Privatisation Commission (PC) on Monday announced that Citigroup, Goldman Sachs International and BMA Capital had exercised the over-allotment option and sold additional 53.294 million ordinary OGDCL shares in the form of Global Depository Shares (GDSs). This transaction completed the final element of institutional offering, said a PC statement.

Including the over-allotment option and retail offering, gross proceeds of the offer are expected to amount to Rs49,353 million ($811 million). The retail offer of 21.505 million shares to investors in Pakistan at a price of Rs110 per share will commence this month and is expected to complete within a few weeks thereafter.

OGDCL GDS eats away scrips value on home ground

Equity experts questioning the success OGDCL Global Depository Shares (GDS) have observed that the price fixation issue has resulted in reducing its weightage by more than three per cent at Karachi bourse.

The index mover OGDCL saw its value clipped from November 15 to 30 at the same time when Government of Pakistan was holding road shows to make GDS issuing success in the international markets.

The scrip was carrying approximately 23 per cent weightage in KSE 100-share Index before the issue of indemnification between the Company (OGDCL) officials and Government officials was highlighted in press on November 10, 2006, they said.

Lower-than-expected OGDCL offer price

Cabinet Committee on Privatisation (CCoP) announcement of below the market expectation price for Global Depository Shares (GDSs) and secondary offering of Oil and Gas Development Company (OGDCL) paved way for bearish spell at the Karachi stock market on Friday.

KSE 100-share Index lost three technical barriers of 10,600, 10,500 and 10,400 and fell 230.56 points to close at 10,388.19 points.

The junior 30-Index also registered the same level of decline of 230.99 points to 13,131.32 points.

OGDCL alone contributed 109 points to the total decline of the day in indices. The scrip opened on its lower lock and remained at that level to close at Rs120.85, shedding Rs6.35 with 2.613 million shares traded, Live Securities reported.

OGDCL book-building completed

The Privatisation Commission (PC) on Friday announced the successful completion of the management road show and book building process for the domestic and international institutional offering of ordinary shares and Global Depositary Shares (GDS) of Oil and Gas Development Company Limited (OGDCL).

Addressing a press conference here, Minister for Privatisation and Investment said the success of this offering sends a strong signal of global institutional investor confidence on Pakistan and bodes well for Pakistan’s growing participation in the international capital markers.

The offer was priced at Rs115 per share and $18.90 per GDS with each GDS representing 10 shares.

Index suffers sudden fall after KSE notification

Closing bell restored indices in red at the Karachi stock market following a KSE notification requesting its members to furnish information regarding in-house badla and ensure placing of shares in CDC blocked account with immediate effect on Friday.

The said notification attracted fresh waves of negative sentiments to the stock exchange that resulted in plummeting KSE 100-share index by 144.17 points to 10,705.87. While junior 30-index plunged 109.07 points to 13,219.99.

Brokers passed on their head itch to the investors, who came in panic in closing hours of the twin trading weekend sessions and sold off their intra-day purchasing and early holdings at buyers’ offer.

15pc OGDC shares to be sold by December

Pakistan will complete the sale of 15 per cent shares in Oil and Gas Development Company Limited (OGDCL) through Global Depository Shares (GDSs) and secondary public offering till December this year.

The Privatisation Commission (PC) on Monday announced that Global Depository and Ordinary shares are likely to be offered by next week. The offer will represent up to 15 per cent of the share capital of OGDCL, comprising up to 645,139,000 shares.

OGDCL declares Rs1.75 dividend

The Oil and Gas Development Company Ltd (OGDCL) has announced a quarterly profit after tax of Rs12.328 billion and dividend per share of Rs1.75.

A meeting of the Board of Directors of OGDCL was held under the chairmanship of Arshad Nasar, Chief Executive of the company, the other day at Islamabad to consider the quarterly accounts of the company for the period ended September 30, 2006.

According to a press release issued here on Monday, during the first quarter of 2006-07, the company earned profit after taxation of Rs12.328 billion as against Rs9.021 billion in the same period last year.

Governmentt plans foreign share listings

Pakistan is considering four more firms, including three banks, for foreign listings through the issuance of global depository receipts in the current fiscal year ending June 30 2007, a senior government official said on Thursday.

The government has already announced plans to list the Oil and Gas Development Co. Ltd. (OGDCL) on the London Stock Exchange by December.

Last week private MCB Bank Ltd, the country’s second largest listed bank, also announced it was planning a GDR sale in London worth up to $150 million. The pricing of the issue is expected on October 9.

MCB Bank plans $150m GDR

MCB Bank Ltd, Pakistan’s second-largest listed bank, said on Thursday it was preparing a global depository receipt (GDR) sale in London worth up to $150 million.

MCB, which ranks behind National Bank of Pakistan on the Karachi Stock Exchange (KSE) with a market capitalisation of about $1.9 billion, will start pre-marketing the offer later this month.

That timetable could beat to the market a potentially larger London issue by Oil and Gas Development Company Ltd (OGDCL), which plans to list between 10 and 15 per cent of the $9 billion oil firm as a GDR by the end of the year.

Buying in cement averts big losses at KSE

Buying in cement and some notable scrips averted big losses at the Karachi stock market on Monday as the KSE 100-share index lost 45.97 points, but maintained 10,100 level amid slightly increased turnover of 180.229 million shares.

The market capitalisation fell by Rs13 billion to Rs2.835 trillion. It is pertinent to mention here that the newly introduced KSE 30-index fell by more points (72.88 points) as compared with the 100-index, pointed out an analyst, adding that 30-index was not depicting true trading picture, but showing weightage of some monopolised scrips that were misguiding true investors. The 30-index was showing big ups and downs as compared to the earlier working indices at the KSE, he added.