January 13, 2022 (MLN): The Board of Directors of Cnergyico Pk Limited (PSX: CNERGY) (formerly Byco Petroleum Pakistan Limited) has approved the acquisition of a 57.37% stake in Puma Energy Pakistan Private Limited (Puma), the company filing on PSX showed on Thursday.
Puma Energy has more than 542 retail pumps across the Country with storage terminals in Punjab (Machike) and Sindh (Daulatpur) with a total storage capacity of 10,500 MT for petroleum products.
Cnergyico having one of the largest refining capacities in the country after this acquisition would have the second-largest retail fuel network, based on the current number shared by OMCs in Pakistan.
The management is optimistic that with this acquisition and expansion, the company's business diversity would further improve.
To recall, Last month, the board of directors of CNERGY, gave go-ahead to the management to negotiate with shareholders of Puma Energy Pakistan (Private) Limited for the acquisition of its majority stake therein.