As per the media report published in Bloomberg, Ashmore Investment Management Ltd. is scheduling to off load its stake in Coca-Cola Can manufacturing facility called ‘Pakistan Aluminium Beverage Cans Ltd’. It intend to conduct an IPO to sell its stake in a Pakistani drink packaging manufacturer.
Ashmore Investment is UK based and holds stake in PABC through its funds. As per the Bloomberg , Ashmore Investment intend to to sell 26 percent shareholding in PABC through IPO at Pakistan Stock Exchange.
The CEO of Pakistan Aluminium Beverage Cans Ltd, Azam Sakrani, was quoted saying that the IPO estimated to raise at least PKR 3.3 billion, which is going to be second highest IPO in Pakistan.
The Ashmore Funds will sell remaining 51% holding through Private Placement in Off-Market Transactions. Pakistan Aluminium Beverage Cans Ltd was established in 2017 and is the sole manufacturer of aluminum beverage cans in Pakistan. PABC is also catering to Afghanistan, Tajikistan. It also caters to Pepsi Cola packaging needs in Pakistan.
PABC realized sales revenue of PKR 5.1 billion with Net Profit of PKR 611 million in 2020.
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