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