ISLAMABAD: The Cabinet Committee on Privatisation has agreed in principle, to approve sale of 2.5 per cent government shares of Pakistan Petroleum Limited (PPL). However, it decided to fine tune the transaction structure strike price and other aspects of the sale.

Finance Minister Abdul Hafeez Shaikh, who chaired meeting, constituted a sub-committee under Minister for Water and Power Syed Naveed Qamar to review and fine tune the strike price.

The sub-committee also includes Minister for Petroleum and Natural Resources, Asim Hussain, petroleum secretary and chairman of Securities Exchange Commission of Pakistan (SECP).

A summary moved by the Privatisation Commission authorised the finance minister to ratify the strike price determined through book building process or resolve to meet urgently to decide the strike price.

The Privatisation Commission proposed to the cabinet committee for sale of 2.5 per cent government shareholding of the PPL through the transaction structure which envisages 50 per cent of the 2.5 per cent government shares to be offered to institutions, local, foreign, and high net worth individuals through book building; 25 per cent of the 2.5 per cent government shares to be offered to foreign investors through preferential allocation and 25 per cent of the 2.5 per cent government-owned shares to be offered to general public through subscription.