Power Cement Limited (PSX: POWER) has received a letter from its strategic investors for the sale of 6.1 percent shareholding in the company, the cement maker informed the main bourse on Tuesday.
IFU Investment Partners K/S (IIP) and the Investment Fund for Developing Countries (IFU), collectively holding 80,506,670 shares in POWER, have decided to dispose of their entire shareholding in the company.
The aforementioned shareholders gave the following two reasons for divestment:
The non-executive director representing IFU and IIP will resign immediately after the transaction has been effected, the letter added.
POWER’s principal activity is manufacturing, selling and marketing of cement.
At the time of filing, its scrip at the bourse was Rs. 5.87, up 4.64 percent or Rs. 0.26 with over 15 million shares on Tuesday.
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