2 Strategic Investors to Offload 6.1% Stake in Power Cement Ltd

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:

1. The lock-up period for the sale of shares has expired.
2. IFU and IIP have been shareholders in Power Cement for approximately 7 years, which is a normal term for IFU’s investment horizon and IIP has come to the end of its fund life

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.