BHP agrees to sell Pakistan gas business

BHP Billiton has agreed to sell its Pakistan gas business to a local firm, a unit of the Hashoo Group, for an undisclosed sum, the global miner said on Monday. "The transaction is subject to regulatory approval and is expected to close in the fourth quarter of 2015," BHP said in an emailed statement.

Middle Eastern owners divest 3% stake in K-Electric for USD64.74 million

KES Power Limited, a multinational consortium and the holding company of K-Electric Limited (KEL), has divested three percent of its stakes worth Rs 6.58 billion or $64.74 million in the Karachi-based power utility. The divestment, the KEL insiders said, was aimed at increasing the scrip''s free-float on the booming stocks market to 5.6 percent from existing 2.8 percent.

NIB Bank mulling over PICIC-AMC disinvestment

The NIB Bank is considering disinvesting its equity stakes in its wholly-owned subsidiary the PICIC Asset Management Company (PICIC-AMC), it emerged Wednesday. According to material information the bank shared with its stakeholders at the country''s three stock exchanges, the bank received interest from a few parties in potentially acquiring its share holdings in PICIC-AMC.

Engro Foods Pakistan sell-off North American business

Engro Foods has announced that Engro Foods Netherlands BV – 100% owned subsidiary of Engro Foods – has entered into a share purchase agreement for the sale of its North American business that includes Engro Foods Canada.

First Treet Manufacturing Modaraba to dispose-off its shareholding in Paper and Board Mills Factory

Treet Corporation Limited informed Karachi Stock Exchange that in accordance with Clause (xxiii) of the Listing Regulation No.35 of the Code of Corporate Governance, their subsidiary First Treet manufacturing Madaraba has entered into "agreement to sell" to dispose-off its Paper and Board Mills Factory situated at Sheikhupura Road.

Arif Habib Corp. sells Thatta Cement for PKR 1.5 billion

Thatta Cement, one of the country’s smallest cement manufacturers, has finally been sold by the Arif Habib Corporation in a deal that values the company at Rs2.4 billion. In an announcement sent to the Karachi Stock Exchange on Thursday, Arif Habib Corporation, along with its subsidiaries, said that it sold its 61% holding in Thatta Cement to a consortium of four private companies for Rs24.16 per share, a 7.9% discount from Wednesday’s closing price of Rs26.25 per share. The total value of the transaction is approximately Rs1.5 billion.

SingTel sells Warid Telecom stake to Abu Dhabi Group

Singapore Telecommunications said on Tuesday it has agreed to sell its entire 30 percent stake in Pakistan's Warid Telecom to a unit of the Abu Dhabi Group for $150 million.

"Excluding the value of any future transaction interest, the estimated loss on disposal will be approximately S$230 million ($186 million), including the foreign currency translation losses and transaction costs," SingTel said in a stock market filing.

Source: Reuters

40% shares of Karachi Stock Exchange to be sold to strategic investors

Under the demutualization process, some 40 percent stakes of Karachi Stock Exchange (KSE) will be sold to strategic investors, said Muneer Kamal, chairman KSE. Briefing the delegation of China Investment Corporation (CIC) during its visit to KSE on Monday, he said that on May 7, 2012, the President of Pakistan signed the Demutualization, corporatization and Integration of Stock Exchanges Act and later on August 23 this year the KSE was demutualized and re-registered with the Securities and Exchange Commission of Pakistan (SECP) as a company.

NIB Bank approves sale of PICIC Insurance Limited

The board of directors of NIB Bank Limited has approved in principle the proposed sale of 10,499,993 ordinary shares of the face value of Rs 10 each, of PICIC Insurance Limited to M/s Sakib Berjees and Consortium, at a price not less than Rs 8.20 per share. The NIB Bank, in an information sent to Karachi Stock Exchange here on Thursday said that the deal would be subject to all regulatory approvals and permissions as may be applicable in this case.

Committee set up to monitor sale of 19% shares of Bank of Khyber

The Peshawar High Court (PHC) has asked the governor of the State Bank of Pakistan (SBP) to constitute a committee to monitor the sale of 19% of the shares of the Bank of Khyber (BoK).The court also directed the Khyber-Pakhtunkhwa (K-P) Chief Secretary to monitor the entire process to ensure transparency as the BoK was ‘an asset of the province’.

G4S sells Pakistan operation to its local partner for approx. USD 10 million

The FTSE 100 listed company, which is under fire over its failure to provide enough guards at the London Olympics, has agreed to sell the business to its chairman in the region for about $10m. G4S employs 10,000 staff in Pakistan, where it provides security for the UN and multinational corporations. The decision is in line with G4S’s strategy of making smaller disposals of less profitable businesses as it expands in emerging markets. Earlier this year the company, which employs 657,000 staff in five continents, sold a Norwegian consumer alarms business for about £30m.*

Oman International Bank set to exit businesses in India, Pakistan

Oman International Bank, which is merging its operations with HSBC Holdings, said its shareholders approved exiting its businesses in India and Pakistan.

Swicorp announced successful sale of 20% stake in Ghani Glass, a leading glass manufacturer in Pakistan

Swicorp, a top private equity firm based in Riyadh, has announced the successful sale of a 20 per cent stake in Ghani Glass, a leading glass manufacturer in Pakistan, held by its unit Joussour Holding Company (JHC).

Set up in 1993, Ghani Glass is Pakistan's largest and most diversified glass manufacturer. Since JHC's initial investment in 2007, the glass maker posted strong growth, more than doubling its top, bottom line on back of capacity expansions, including commissioning of the first pharma glass manufacturing project in the region, based on European technology.

Caltex Pakistan Assets Being Sized Up by Buyers

- Chevron’s reported plans to exit Pakistan’s downstream space will eventually benefit existing players as the govt. focuses on key issues faced by the industry in an effort to improve the operating environment.

- Increase in the marketing margin remains a key demand even after last years’ 30‐35% upgrade, in our view. Our sensitivity analysis yield 3‐7% upside to earnings of PSO and APL for every 10% increase in margin.

- We believe the downstream industry will undergo a consolidation phase over the medium term despite pockets of growth opportunities across fuel oil segment.

- Exit of Chevron and acquisition by an existing player is unlikely to have any implication on prices and margin as most fuel products are regulated.

- While we do not rule out the possibility of new player entering the market, APL and Byco appear to be key contenders among existing players.

Xenel International sold 140 million shares (12%) in Pakistan's largest independent power producer (IPP), Hubco.

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.

JSCL sells 70.82% shares of Network Microfinace Bank to a Group of Investors

Jahangir Siddiqui and Company Limited on September 12, 2011 entered into a Share Purchase Agreement with the Group of Investors (the Acquirers) for sale of 21,245,184 ordinary shares of the face value of Rs 10 of Network Microfinance Bank Limited (NMBL) constituting 70.82 percent (approximately) of the total paid-up capital of NMBL.