Bawany Air Products to Buy Alman Seyyam Sugar Mills Limited for Rs. 12 Billion

Defaulter Bawany Air Products Limited (PSX: BAPL) has signed a share purchase agreement for purchasing Alman Seyyam Sugar Mills (Private) Limited for Rs. 12 billion. “In continuation of announcements made from time to time with respect to the acquisition of Alman Seyyam Sugar Mills (Private) Ltd. (ASSM). We are pleased to inform, that the Company has signed a Share Purchase Agreement with the Sponsor shareholders of ASSM for the purchase of 100% of their shareholding held by them in ASSM for a total consideration of PKR 12 billion,” the company said in a filing on Friday. The principal activities of the Company are the production and trading of oxygen gas, dissolved acetylene and nitrogen gas. At the time of filing, BAPL’s scrip at the bourse was Rs. 36.25, up 10.02 percent or Rs. 3.3 with 63,671 shares on Friday.