Business-(PC invites EOI for appointment of financial advisory consortium for issuance of OGDCL exchangeable bonds

Islamabad:The Privatisation Commission has invited Expression of Interest (EOI) for issuance of Oil & Gas Development Company Limited (OGDCL)s Exchangeable Bonds by monetizing up to 10 % of Government of Pakistan (GoP) shareholding (up to 430,000,000 shares) in OGDCL (Transactions).

OGDCL is the largest petroleum exploration, production and development company in Pakistan, listed on all three Stock Exchanges in Pakistan as well as on London Stock Exchange. In 2003, Government of Pakistan (GoP) divested 4.98% of OGDCL shares via an Initial Public Offering (IPO) followed by Secondary Offering (SO) of 9.5% shares in the form of Global Depositary Receipts (GDRs) at London Stock Exchange and simultaneous Secondary Public Offering (SPO) of 0.5% to the general public in 2006. GoP further divested its OGDCL shares via the Benazir Employee Stock Option Scheme (BESOS) where unit certificates equivalent to (10.2% shares) were distributed among the company employees free of cost for empowerment of the workers. Presently, GoP holds 74.82% of OGDCL shares and plans to monetize up to 10% OGDCL shares by means of an issuance of Exchangeable Bond to international institutional investors (Transaction), jointly administered by the Privatisation Commission and the Finance Division. The EOIs are invited from Financial Advisory Consortia for the issuance of OGDCL Exchangeable Bonds.

The Transaction will be jointly led by at least 2 (two) international Bookrunners who have recognized equity linked sales, distribution, and underwriting capabilities and demonstrable track record of successfully managing such issuances. The FAC will preferably include a local financial institution as part of the consortium. The Interested Parties (IPs) have been asked to demonstrate post issuance backup capabilities and provide after listing performance of the recent equity linked instruments successfully listed by them. It is expec! ted that Financial Advisory Consortium (FAC) will include indicative recommendations for FACs International Legal Counsel, Pakistan Legal Counsel, and Accountants. However, all final third party appointments will be made in consultation with PC. The potential parties have been asked to send their EOIs accompanied by a non-refundable processing fee of US $ 10,000/= (US $ Ten Thousand only) or equivalent Pakistani Rupees latest by April 12, 2011 containing, in no more than 15 pages, a statement of technical qualification comprising experience of equity linked underwriting strength, distribution capabilities, presence and commitment to Pakistan, knowledge of the Oil & Gas Industry and OGDCL, advisory to emerging market entities for international listings, and competence and commitment of the team. Interested Parties have been advised to submit EOIs as soon as possible but not later than three weeks from the issuance of EOI. The Request For Proposal (RFP) package inviting Technical and Financial proposals would be dispatched/e-mailed to the short listed IPs as and when EOIs are received. The last date for the submission of the Technical & Financial proposals will be informed later. It is not intended to be, and should not be construed as any representation or warranty, express or implied, with respect to any statement made herein and should not be construed as an offer


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