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Pakistan’s can-maker applies for PSX listing
UK-based firm to sell stake in beverage can company through IPO
PHOTO: AFP
KARACHI:
Pakistan Aluminium Beverage Cans Limited (PABC), the sole manufacturer of aluminium cans for popular soft drinks in Pakistan and Afghanistan, applied on Friday for listing at the Pakistan Stock Exchange (PSX).
The company has installed capacity to produce 600 million aluminium beverage cans in a year. It utilised 74% of capacity in 2020, as it exported some 35% of its production to Afghanistan, according to the company prospectus available at the PSX.
UK-based asset management firm Ashmore, which holds 51% shareholding in PABC, will sell almost half of its shareholding (ie 26% of the paid-up capital) to institutional, rich individual and retail investors through book building and initial public offering (IPO) in June 2021.