Binani to sell 25% of cement arm to investor

Binani to sell 25% of cement arm to investor
Published: 05 September 2005

Binani Industries Ltd. said on Friday it would sell 25 per cent in subsidiary Binani Cement Ltd to a foreign investor and swap up to 50 per cent of its own shares for a holding in Binani Cement and Binani Zinc.  
 
"Consequent to such swap, shareholders of the company will receive shares of Binani Cement and Binani Zinc, while their shareholding in Binani Industries will stand cancelled," the company told the stock exchange.  
 
Shareholders of Binani Industries will receive 25 shares each in Binani Cement and Binani Zinc for every 20 shares held in Binani Industries.