Finance Minister Ishaq Dar on Thursday declined a gas price restructuring plan for Mari Petroleum Company Limited (MPCL) which could not be implemented through an agreement between two majority shareholders.
After a detailed briefing by retired Lt-Gen Nadeem Ahmad, Managing Director of MPCL, the minister did not agree with the proposal and desired the company and the petroleum ministry to present a workable solution for the company’s growth and valuation in the capital market.
The finance minister said that successful companies adopt market-based business models and protect rights of shareholders.
He said about 20 per cent shareholding of the company belonged to general public and private sector shareholders and it was not fair to conclude a deal between two majority shareholders — the government and the Fauji Foundation.
