Government of Pakistan
Ministry of Finance, Revenue, Economic Affairs, Statistics and Privatisation
(Privatisation Commission)
******

Subject:          EVALUATION REPORT FOR PROCUREMENT OF FINANCIAL ADVISORY SERVICES FOR THE DIVESTMENT OF UP TO 10% GOP SHARES OF OGDCL THROUGH INTERNATIONAL & DOMESTIC OFFERING

Privatisation Commission, vide its advertisement dated March 12, 2014, invited Expressions of Interest (EOI) for the appointment of Financial Advisory Consortium (FAC) for international & domestic offering of up to 10% Government of Pakistan (GOP) shares in Oil & Gas Development Co. Ltd (OGDCL) from the Interested Parties, having demonstrable track record of successfully managing similar capital market offerings. Following three consortia expressed their interest and submitted Technical and Financial Proposals by the due date of April 16, 2014:

S. No. Consortium/Interested Parties (IPs)
Merrill Lynch International, Citigroup Global Markets Limited, KASB Bank/Securities Limited
Barclays Bank, Credit Suisse, Deutsche Bank, Elixir Securities, Arif Habib Limited
UBS, Nomura, Dubai Islamic Bank, Topline Securities

2.         Above mentioned Interested Parties (IPs) were evaluated on the basis of pre-defined and approved technical evaluation criteria and PC (Hiring of Financial Advisors) Regulations 2007 read with relevant provisions of Procurement of Consultancy Services Regulations-2010 pertaining to Quality & Cost Based Selection. Following IPs obtained 70 points or above in technical evaluation and were deemed pre-qualified:

 

S. No. Consortium/ Interested Parties (IPs)
Merrill Lynch International, Citigroup Global Markets Limited, KASB Bank/Securities Limited
Barclays Bank, Credit Suisse, Deutsche Bank, Elixir Securities, Arif Habib Limited
UBS, Nomura, Dubai Islamic Bank, Topline Securities

3.         Subsequently, Financial Bids of pre-qualified Interested Parties were opened on April 21, 2014 by the Secretary (Privatisation Commission) in the presence of the authorized representatives of Interested Parties. Summary of the cumulative final score based on technical and financial evaluation is tabulated below:

S. No. Consortium / Interested Party Final Score Ranking
Merrill Lynch International, Citigroup Global Markets Limited, KASB Bank/Securities Limited 97.77 1
Barclays Bank, Credit Suisse, Deutsche Bank, Elixir Securities, Arif Habib Limited 92.98 2
UBS, Nomura, Dubai Islamic Bank, Topline Securities 78.61 3

4.         Foregoing in view, PC Board in its meeting held on Apr 22, 2014 approved the appointment of top ranked IP i.e. consortium of Merrill Lynch International, Citigroup Global Markets Limited and KASB Bank/Securities Limited.