The deal of 140 million shares of Hub Power Company (Hubco), owned by Xenel International, has been executed, and the Pakistan equity market on Tuesday witnessed a massive singly-day outflow of $60.36 million of foreign investors portfolio investment, market sources said.
This outflow included off-market selling of Hubco shares owned by Xenel International worth $59.65 million.
The deal was executed at Rs 37.00 per share at the off-market counter.
Xenel International, one of the major shareholders in Hubco, had 12 percent stake (140 million shares) in Pakistan's largest independent power producer (IPP), Hubco.
Sources said that government institutions, including banks, insurance companies and fund managers, were the major buyers in the deal.
Xenel had 12 percent shareholding (140 million shares) in Hubco.
National Power International Holding BV is the single largest shareholder in Hubco with its stake of 201.803 million shares.
Sources said that the deal was finalised at Rs 37 per share at discount to the market price a few days back.
There was speculation during last few days that Xenel International was interested to offload its shareholding.
The seller was in negotiation with selected investors to place the shares.
Xenel Industries of Saudi Arabia, founded in 1973, is a diversified group with exposure across the globe in energy, petrochemical, constructions/real estate and infrastructure development among many others.
In Pakistan, the group was co-founder in country's largest IPP, Hubco.
Source: Business Recorder
