Dawood Hercules Company Restricted has lastly determined to divest its shareholding price Rs. 18.38 billion in Hub Energy Firm (HUBCO).
The corporate disclosed that it accepted Mega Conglomerate Non-public Restricted’s (MCPL) provide for the acquisition of its complete shareholding in Hub Energy Firm (HUBCO) at a purchase order worth of Rs 106.5/share.
Dawood Hercules holds 172.58 million shares constituting a 14.91 p.c stake in HUBCO together with Allied Financial institution Restricted with 9.68 p.c, Fauji Basis eight.5 p.c and Nationwide Financial institution Restricted holding four.99 p.c as of June 30, 2016.
The consummation of the transaction is topic to the procurement of all of the relevant regulatory and company approvals as could also be required, a inventory submitting added.
In July 2017, Dawood Hercules had introduced to dump its complete holding in HUBCO. Subsequently, in October 2017, Kot Addu Energy Firm had additionally expressed its intention to amass Dawood’s stake in HUBCO and the acquisition worth was agreed at Rs 109.86/share. Nonetheless, the deal between Kapco couldn’t be sealed on account of firm’s majority shareholders’ resolution.
The MCPL is a holding firm with investments centered within the dairy and actual property sectors of Pakistan. “Financially sturdy with deep reserves, we’re capable of leverage our steadiness sheet successfully to allocate ample monetary sources in the direction of any new strategic enterprise enterprise we aspire to put money into,” says its web site.
The corporate can be in search of funding alternatives in varied sectors. As an illustration, MCPL had expressed its intention to amass 87.5 p.c stake along with the management control of Dewan Cement Limited. Dewan Cement Restricted has granted permission to MCPL for initiating the due diligence of the cement firm.