Byco Industries intends to divest up to 22% shares of BYCO

MG News | April 20, 2021 at 01:25 PM GMT+05:00

0:00

April 20, 2021 (MLN): Byco Petroleum Pakistan Limited (BYCO) has notified the Exchange that IGCF Oil and Gas Limited, one of the shareholders of Byco Industries Incorporated (BII), is desirous of reducing its indirect equity investment in BYCO held through BII.

Accordingly, as per arrangements agreed with IGCF, BII intends to divest up to 22% shares of BYCO.

As per the notice issued to PSX, BII intends to appoint advisors for potential sale by way of private placement to local and international investors subject to market conditions.

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