Cnergyico shareholders to approve company's division into 6 segments

March 05, 2024 (MLN): Following the Order of the High Court of Sindh, the shareholders of Cnergyico PK Limited (PSX: CYNERGY) will approve the separation of the company into six segments or undertakings and the merger of these segments with specific entities.

The aforementioned agenda will be discussed and approved during the company's Extraordinary General Meeting scheduled for Tuesday, March 26, 2024.

These six segments are; ORB 1 Demerged Undertaking, ORB 2 Demerged Undertaking, OMB Demerged Undertaking, OSB Demerged Undertaking, CPB Demerged Undertaking and Retained Undertaking.

Furthermore, the shareholders will also give their nod for the mergers of these segments as follows:

1. ORB 1 Demerged Undertaking with and into Bosicorco ORB 1 (Private) Limited
2. ORB 2 Demerged Undertaking with and into Bosicorco ORB 2 (Private) Limited
3. OMB Demerged Undertaking with and into Bosicorco OMB 1 {Private) Limited
4. OSB Demerged Undertaking with and into Bosicorco OSB 2 (Private) Limited
5. CPB Demerged Undertaking with and into Bosicorco CPB 1 {Private) Limited
6. The merger of the entire undertaking of Cnergyico /some rate Pk (Private) Limited with and into Bosicorco ORB 2 (Private) Limited

It is pertinent to mention that CYNERGY currently operates two business segments namely Oil Refinery Business and Petroleum Marketing Business.

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