ISLAMABAD, May 4: The Privatisation Commission has appointed a consortium comprising Citigroup, Goldman Sachs and BMA Capital Management as Financial Advisory Consortium (FAC) for the divestment of 10 to 15 per cent equity (430,093,000 to 645,139,000 shares) of the country’s largest oil and gas exploration and production company, Oil and Gas Development Company Limited (OGDCL), by means of a simultaneous international offering through Global Depositary Receipts (GDR) and a domestic secondary offering.

According to a handout, an agreement in this regard had been reached and signed here on Thursday by the respective representatives.

Citigroup and Goldman Sachs will act as joint global coordinators and joint book-runners and BMA Capital Management will act as domestic joint lead manager.

Expressions of interest for transaction were invited in December 2005.

The FAC will conduct roadshows to attract investors for the transaction, which will be followed by Q and A sessions. It will carry out necessary due diligence and liaison with stock exchanges and regulators.