IGCF sells 523mn shares of Byco Petroleum

MG News | May 20, 2021 at 02:03 PM GMT+05:00

0:00

May 20, 2021 (MLN): A foreign company IGCF Oil and Gas Limited sold 523million shares out of total 22 percent in Byco Refinery on Wednesday at the price of Rs9.46 per share.

Out of its 22% holdings in Byco Industries Incorporated (BII), IGCF successfully offloaded around 10% shares. The notable purchase was made by AKD Group- under the previously signed agreement, as it has acquired 309mn shares or 7%- the largest chunk of the sold shares of Byco Petroleum Pakistan Limited (BPPL).

While the remaining 214 shares were purchased by the other market participants including individuals 91mn, overseas Pakistanis 33mn, mutual funds 53mn and local brokers 37mn.

Earlier, via notification to exchange, Byco industries notified its intention to divest up to 22% shares of Byco petroleum following the arrangements agreed with IGCF.

According to sources, since the deal is at its final stages, the signing of share purchase agreement is expected in next few days.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	161,210.68 402.54M	3.49% 5433.46
ALLSHR	96,097.29 718.60M	3.34% 3102.77
KSE30	49,781.74 146.66M	3.95% 1890.99
KMI30	230,597.11 158.11M	4.81% 10582.05
KMIALLSHR	62,183.27 382.16M	3.79% 2272.55
BKTi	46,523.21 43.62M	2.50% 1134.61
OGTi	32,678.22 24.62M	6.68% 2046.87

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	71,345.00	71,645.00 70,600.00	-185.00 -0.26%
BRENT CRUDE	84.53	84.55 83.16	-0.88 -1.03%
RICHARDS BAY COAL MONTHLY	99.40	0.00 0.00	-9.60 -8.81%
ROTTERDAM COAL MONTHLY	125.00	125.00 125.00	3.50 2.88%
USD RBD PALM OLEIN	1,083.50	1,083.50 1,083.50	0.00 0.00%
CRUDE OIL - WTI	79.96	79.97 78.24	-1.05 -1.30%
SUGAR #11 WORLD	13.71	13.82 13.61	-0.02 -0.15%