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.

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