The Dawood Hercules Corporation Ltd (DH Corp) board announced to enter into a Share Purchase Agreement (SPA) with Pakarab to sell its entire holding in DH Fertilizers (DHFL) at a ‘price to be determined in accordance with the provisions of SPA’. The price was essentially the differential between the agreed enterprise value of DHFL, amounted to Rs6.6 billion, and the total long-term loans that stood at Rs4.6bn “and at present, the price is approximately Rs2bn”. The shareholders in DH Corp greeted the news with enthusiasm, as the price of company’s stock spiralled upwards to its ‘upper circuit’, representing a gain of Rs5.60 to close at Rs117.77.