KARACHI: A big chunk of 523 million shares in Byco Petroleum Pakistan Ltd was sold on Wednesday by IGCF Oil and Gas Ltd previously called Abraaj Mauritius.

Yawar uz zaman, head of research at Pearl Secu­rities, said that the deal — which was in the making for quite some time — was sealed at a price of Rs9.46 per share. The divestment of Byco stock by Abraaj group was 9.8pc out of its 22pc holding in Byco, which the market watchers said was purchased in blocks by local brokers, companies and individuals. The biggest chunk of 309m shares or 7pc was stated to be bought by a major investor.

Market participants purchased the shares in the following quantity: overseas Pakistanis 33m; individuals 91m; mutual funds 53m and brokers 37m.

Published in Dawn, May 20th, 2021

Opinion

Last call
Updated 23 Sep 2021

Last call

The exchange rate alone can no longer absorb the full impact of the deterioration in the current account.
Appeasing terrorists
Updated 22 Sep 2021

Appeasing terrorists

The policy of appeasement has not worked in the past and it certainly will not work now.

Editorial

Dialogue, at last
Updated 23 Sep 2021

Dialogue, at last

The govt has attempted to make the ECP controversial at a time when its input is critical for the poll reforms
AUKUS controversy
Updated 23 Sep 2021

AUKUS controversy

Instead of flexing its military muscle, the Western bloc needs to engage China at the negotiating table.
Provocative act
Updated 23 Sep 2021

Provocative act

Afghan Taliban flags have been found hoisted at Jamia Hafsa seminary three times since Aug 21.
22 Sep 2021

Interest rate hike

THE State Bank’s decision to raise its key interest rate by 25bps to 7.25pc underpins its acceptance of emerging...
PCB chief’s challenge
Updated 22 Sep 2021

PCB chief’s challenge

The Taliban takeover of Afghanistan has propelled fears of regional insecurity.
22 Sep 2021

No need for secrecy

THE government should not make a mountain out of the Toshakhana molehill. That would only encourage speculation of...