ISLAMABAD, Oct 4: The Pakistani government is considering embarking on Global Depository Receipt (GDR) offers of shares from three banks - Habib Bank, United Bank and National Bank - and a power generation company.

In an interview to UK-based daily Financial Times, Privatisation and Investment Minister Zahid Hamid stated that this to be followed by an international GDR offer of 10-15 per cent shares of the state-owned Oil and Gas Development Company (OGDCL) on the London stock-exchange.

The minister said that this OGDC offer would give us access to international capital markets. “It will not only enhance the country’s profile but also help OGDC’s transformation,” he added.

Mr Zahid further stated that the response from prospective investors during roadshows outside Pakistan had been positive.

OGDC, with a market capitalisation of approximately $10.2bn, announced this week that it had discovered oil and gas reserves in the northwest, which would raise the country’s daily oil production capacity to 69,000 barrels from 65,000 barrels. It has also discovered gas reserves with a capacity of about 12 million cubic feet per day.

The Financial Times observed that the plan highlights Pakistan’s increasing interest in reaching out to international capital markets, almost 12 years after Pakistan Telecom shares were offered globally in this way.

The move follows an economic recovery of more than two years that has encouraged government leaders to give the go-ahead for Pakistan’s return to international capital markets, senior government officials have said.

The government has not revealed the exact value of OGDC shares that would be offered, though officials have said they expect the listing to take place in the next two to three months, the daily reports.