The government, which is selling all but 3% of its 54% holding in
But an official involved in the transaction said the date would “most likely” be extended.
“Though the official date is still May 19, the financial adviser has been asked to inform the bidders that it could be extended to the end of May or the begining of June,” said the official.
The Sindh High Court in
The official said that the government had no other option but to delay the bidding while Attock’s case was pending.
The Attock Group is backed by the Pharaon Group of Companies, whose sponsor is Saudi investor Ghaith R Pharaon. The group owns Pakistan Oilfields Ltd and several other energy sector firms.
Another senior government official said that the government may not be able to meet its deadline of completing the transaction before the 2006/07 fiscal year ends on June 30.
The government has long planned to sell stake in PSO, but has postponed it several times due to lack of investor interest.
But analysts say it is likely to succeed this time around, as many foreign and local companies have shown keen interest.
BP, the British oil and gas group, is set to join
Kohinoor was originally selected to bid with the Oman Oil Marketing Co, but industry sources say the latter would pull out of the group once BP enters.
Six other parties selected to bid include Saudi-based Aljomaih Holding Co with
According to sources, Vitol is likely to join forces with Fauji Foundation, a trust for retired members of the armed forces and their families, making it a strong contender, too.
PSO shares, valued at around $1.02bn, have risen by almost a quarter so far this year, in line with the broader
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