Islamabad, Aug 27: The primary stock exchange was notified on Tuesday by Power Cement Limited (PSX: POWER) that it has received a letter from its strategic investors regarding the sale of 6.1 percent of the company’s shares.
The Investment Fund for Developing Countries (IFU) and IFU Investment Partners K/S (IIP), which together own 80,506,670 shares in POWER, have made the decision to sell all of their shares in the business.
The two grounds for divesting provided by the aforementioned shareholders were as follows:
1. The share sale lock-up period is no longer in effect.
2. IFU and IIP have invested in Power Cement for around seven years, which is typical for IFU’s investment horizon and IIP’s fund life is coming to an end.
The letter further stated that the non-executive director representing IFU and IIP will step down as soon as the transaction is completed. The main business operations of POWER are the production, distribution, and marketing of cement. Its share price on the exchange was Rs. 5.87 at the time of reporting, up 4.64 percent or Rs. 0.26 with more than 15 million shares traded on Tuesday.
