LAHORE: IGFC Oil and Gas Ltd (previously known as Abraaj Mauritius Oil and Gas SPV Ltd) has decided to reduce its indirect equity investment in Byco Petroleum Pakistan Ltd (BPPL) held through Byco Industries Incorporated (BII), according to a company notice sent to the Pakistan Stock Exchange on Tuesday.

Accordingly, the BII company secretary said in the stock filing, as per arrangements agreed with IGCF, BII intends to divest up to 22pc shares of BPPL. “BII intends to appoint advisers for (the) potential sale by way of private placement to local and international investors subject to market conditions,” the notice reads.

The shareholders of BPPL include over 90pc of associated companies, including IGFC. The shareholding of 3.4pc is owned by private banks and financial institutions whereas 4.47pc shares were floated on the stock exchange for the general public.

Published in Dawn, April 21st, 2021