All set for bidding of SIH, HPFL & LCFL
By Asad Cheema

ISLAMABAD—The bidding for the sale of Services International Hotel (SIH), Lahore on “as is where is basis”, Hazara Phosphate Fertilizers Ltd (HPFL) and Lyallpur Chemicals & Fertilizers Limited (LCFL) will be held in the next few weeks. Mr. Zahid Hamid Federal Minister for Privatisation & Investment stated this while chairing a meeting of the Board of Privatisation Commission here today.
Zahid Hamid said that the government was endeavouring to get maximum price for its assets and to bring in quality players through competitive, open and transparent bidding process. The privatisation process has yielded huge benefits for the national economy not only through utilization of privatisation proceeds for debt retirement and poverty alleviation, but also through increased investment, reduction of subsidies, enhancement on government revenues and resulting increased availability of funds for social sector, he said.
A team of Joint Lead Managers led by Goldman Sachs and Citigroup made a detailed presentation before the Board on the up to date position of for the divestment of 10% to 15 % shares of Oil & Gas Development Company Limited (OGDCL)’s equity through Global Depository Receipts (GDRs) and a secondary domestic Offering.
The initial domestic 5 % listing of OGDCL shares in 2003 was a tremendous success and had been oversubscribed by more than seven times attracting an amount of more than Rs28 billion. The market capitalization increased by more than Rs170 billion, which works out to about US$ 3 billion.