ISLAMABAD, Dec 23: The Privatization Commission (PC) has invited Expressions of Interest (EoIs) from Financial Advisory Consortia (FAC) for appointment of a financial consortium for the divestment of 10 per cent to 15 per cent equity (430,093,000 to 645,139,000 shares) of Oil and Gas Development Company Ltd. (OGDCL), the country’s largest oil and gas exploration and production entity listed in the domestic market.

The EoIs have been invited by means of a simultaneous international offering through Global Depositary Receipts(GDR) and a domestic public offering (Transaction).

According to a press release, it is expected that the GDR issuance will be jointly led at least by two book-runners who have demonstrable and proven capability for undertaking, managing and successfully executing such offerings.

In addition, the institution should have the capability and the track record to manage a domestic offering. The EoI should comprise on 25 pages, including the information regarding the consortium’s basic technical qualifications, comprising of oil and gas equity raising experience of emerging markets, privatization, listing in the stock exchanges of London and Luxembourg, and equities research and distribution capabilities.

The interested financial advisory consortia have been asked to submit the EoIs latest by January 31, 2006 together with a non-refundable processing fee of US $5,000 or Pak rupees300,000.

Parties submitting EoIs will be provided a request proposal package, which will, inter-alia, specify the last date for submission of technical and financial proposals. The PC reserves the right to select the consortium among the proposals received, or to determine its own consortium.