ISLAMABAD (APP) The Privatization Commission Board (PCB) allowed the PC to initiate the process for the appointment of Lead Manager (LM) for the Secondary Public Offering (SPO) of Pakistan Petroleum Limited (PPL). It was decided in a meeting held under the chairmanship of a senior PCB member Iftihkar-ul-haq here Wednesday. The prospective LM will set out recommendations pertaining to relevant modalities for the transaction, including offer size, price etc in consultation with the stakeholders for further consideration by the PCB and the Cabinet Committee on Privatization (CCOP). The PPL was listed on the Karachi Stock Exchange in 2004 and 15pc of its shares were successfully divested through an Initial Public Offering (IPO) at offer price of Rs 55 per share, which yielded Rs.5.63 billion proceeds. While discussing the transaction structure of Heavy Electrical Complex (HEC) together with management control the PCB recommended for the divestment of majority shares in HEC and gave go ahead to invite Expression of Interest (EOI) in this regard. The PCB also accorded approval to the KASB for the appointment of Financial Advisor for National Power Construction Company (NPCC) being the lowest bidder. As regard to Initial Public Offering (IPO) of Government Holding Private Limited (GHPL), the PCB directed to settle the legal and financial issues before initiating the process of the transaction in respect of GHPL. The PC Board reviewed the progress made so far for the appointment of Financial Advisory Consortia for the issuance of Oil & Gas Development Company Limited (OGDCL)s Exchangeable Bonds by monetising up to 10pc of Government of Pakistan (GoP) shareholding (up to 430,000,000 shares) in OGDCL (Transactions). The PCB was informed that the PC has received EOIs from four (4) consortia, which include 1. Bank of America/ Merrill Lynch, Barclays Bank, SCB, and KASB, 2. HSBC, BNP PARIBAS, UBS, NIB, and NBP, 3. Citibank, JP Morgan, Credit Suisse, and BMA 4. Nomura, Deutsche Bank, and Silk Bank and these consortia have been issued Request for Proposal package for inviting Technical and Financial proposals latest by April 29, 2011. In accordance with the timeline set for the issuance of Oil & Gas Development Company Limited s Exchangeable Bonds, the transaction is expected to complete by June 25, 2011. Earlier, the PCB reviewed the implementation status and progress of various ongoing and upcoming transactions. The PC Board members, senior officials of the Ministries of Finance, Petroleum & Natural Resources, Industries, representatives of the respective entities and Privatization Commission attended the meeting.