One of the notable investors of Byco Petroleum Limited intends to divest its 22 percent shareholding from the integrated oil refining and retailer giant, according to a notification submitted to Pakistan Stock Exchange (PSX) on Tuesday.
According to the stock filing, IGCF Oil and Gas Limited (previously known as IGCF), one of the shareholders of Byco Industries Incorporated (BII), is planning on reducing its indirect equity investment in Byco Petroleum Pakistan Limited (BPPL) held through BII.
Accordingly, as per arrangements agreed with IGCF, BII intends to divest up to 22 percent shares of BPPL.
The shareholders of Byco Petroleum Limited include over 90 percent of associated companies, including IGFC. The shareholding of 3.4 percent is owned by the private banks and financial institutions, whereas 4.47 shares were floated at the Pakistan Stock Exchange for the general public.
As per the notification issued to PSX, BII intends to appoint advisors for potential sale by way of a private placement to local and international investors subject to market conditions.