KARACHI: IGCF Oil and Gas Limited (previously known as ABRAAJ Mauritius Oil and Gas SPV Limited) one of the shareholders of Byco Industries Incorporated (BII), is desirous of reducing its indirect equity investment in Byco Petroleum Pakistan Limited (BPPL) held through BII. Accordingly, as per arrangement agreed with IGCF, BII intends to divest up to 22 percent shares of Byco Petroleum Pakistan Limited, material information sent to Pakistan Stock Exchange said.

BII intends to appoint advisors for potential sale by way of private placement to local and international investors subject to market conditions, it added.

Copyright Business Recorder, 2021