International Steel to sell shares

IFC, Sumitomo Corp among potential buyers.

KARACHI: The International Industries Limited (IIL) has decided to sell and dispose of up to 45 per cent of issued shares of its wholly-owned subsidiary - International Steel Limited, said a communication to the Karachi Stock Exchange.

The board of directors on Thursday in a meeting resolved that shares would be sold partly to certain strategic investors, including International Finance Corporation (IFC) and Sumitomo Corporation, and partly to local and foreign institutional investors and high net-worth individuals through a book-building process and the remainder through a public offer.

In both cases, the number of shares to be sold will depend on the price of public offer, which will be determined after the book-building process is completed.

Published in The Express Tribune, December 24^th, 2010.