ISLAMABAD, Sept 27: The Cabinet Committee on Privatization (CCoP) approved the initial public offering (IPO) of 2.5pc shares of Oil and Gas Development Company Limited (OGDCL) with a provision of green shoe option for additional 2.5pc shares in multiples of 1000 shares and divestment of additional 3.2pc shares of National Bank of Pakistan (NBP) in multiples of 500 shares through Stock Market in October 2003.

Preference would be given to applicants for the minimum lot of 1000 shares of OGDCL and 500 shares for NBP. This was decided in a meeting held under the chairmanship of the Federal Minister for Finance Shaukat Aziz here on Saturday.

The CCoP directed the ministries/divisions to extend maximum cooperation to the Privatization Commission for the success of the privatization programme.

The CCoP also directed the entities on the Privatization list not to take any action that jeopardizes the privatization process.

The Federal Ministers for Privatization and Investment Dr Abdul Hafeez Shaikh and the representatives of Securities and Exchange Commission of Pakistan (SECP), State Bank of Pakistan (SBP), Board of Investment (BOI), Privatization Commission (PC) and relevant Ministries also attended the meeting.