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Pakistan State Oil sale pre-bid moot put off to February 19

KARACHI (January 29 2003) : The second pre-bid meeting to sell 51 percent shares in Pakistan State Oil has now been scheduled for February 19, delayed from January 30 whereby its share price shoved by 4.9 percent on Tuesday at the Karachi Stock Exchange.

The delay trimmed the share value of PSO by Rs 10.60, or 4.9 percent, to Rs 201.65.

Kuwait Petroleum Corp, Midrock of Saudi Arabia and Fauji Foundation indicated that they may bid for the Pakistan State Oil stake.

The oil supplier, in which the government has 58 percent stake, has 70 percent country's market share.

Privatisation Commission has completed the preparations for privatisation of PSO.

A high-level meeting chaired by the Adviser to the Prime Minister on Privatisation & Investments Dr Abdul Hafeez Shaikh was held earlier this month with all the relevant stakeholders including the ministry of petroleum and natural resources, ministry of water and power, finance division, PSO, Wapda and KESC.

It was decided that organisations/agencies concerned will finalise and expedite the modalities of implementation of the government decisions related to the transaction in order to achieve successful and timely closure of the privatisation process of PSO.

The potential bidders have completed their visits to the data rooms and the sites and now they are in the process of finalising their due diligence of the company.

In this regard, the Privatisation Commission upon receipt of request from pre-qualified parties, due to the forth-coming occasion of Haj and Eid-ul-Azha and in order to enable to complete their preparations, has rescheduled the second bidders conference to February 19, 2003.

The second bidders' conference will be held in the office of PC in Islamabad to finalise the bidding process and fix a date for holding the bidding.

The government plans to privatise PSO as an integrated company by selling 51 percent stake in the company to a qualified strategic buyer.

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