ISLAMABAD: The sale of 10 per cent shares of the Oil and Gas Development Company (OGDC) has been delayed.

The Cabinet Committee on Privatisation and the government decided to postpone the sale during a meeting presided over by Finance Minister Ishaq Dar, a statement from the finance ministry said.

Dar, who is in Dubai for negotiations with the International Monetary Fund (IMF), presided over the meeting via video-link.

The official statement does not mention the reason behind the postponement. However, sources claim that lack of interest in OGDC shares in the international market and the depreciation of shares guided the decision.

The government had decided to sell 10 per cent shares of OGDC and the process was started on Nov 5.

Separate sessions of the privatisation board and cabinet committee on privatisation were held today. The board reviewed the offers and presented its recommendations to the committee.

However, the committee dismissed the recommendations and delayed the sale of shares. Sources claim that this decision was made after taking the IMF into confidence.

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