ISLAMABAD, Sept 25: The Privatization Commission has decided to hold public offering of the shares of Oil and Gas Development Company Limited (OGDCL) and National Bank of Pakistan next month, Privatization Minister Dr Hafiz Sheikh stated here on Thursday.

Talking to reporters after a seminar organized by the Asian Development Bank, he said the price at which the shares would be on offer had not been finalized as yet. But these would be offered at a premium.

He, however, hastened to add that the price would be fixed keeping in view the objective of enabling maximum number of people to participate in ownership of the two giant public sector assets.

In case of National Bank, 3.2 per cent of the shares would be offered to the public. The tentative dates fixed for this purpose are October 8, 9 and 10.

The dates for subscription in respect of OGDCL are October 22, 23 and 24. In this case, it had been decided to offer 2.5 per cent shares. In case the subscriptions are very large, the government may invoke the “green shoe” mechanism and raise the volume, which may go up to five per cent.

Responding to further questions, Dr Hafeez said the two offerings had already been cleared by the Securities and Exchange Commission of Pakistan and the stock exchanges.