January 12, 2022 (MLN): Cnergyico Pk Limited (CNERGY), formerly known as Byco Petroleum, is in final talks to acquire a controlling stake of nearly 57% in Puma Energy Pakistan Pvt limited, which will double its retail business and make it the country's largest privately-owned fuel retailer with record gasoline sales, Bloomberg reported today.
As per the news agency, the deal, worth more than 4 billion rupees ($23 million) could be announced as early as this week.
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.
The deal will add 542 fuel stations to Cnergyico's holdings, taking its total to about 1,000. The state-owned Pakistan State Oil (PSO) has 3,500 retail stations and Shell has 766 outlets across the country.
Moreover, Cnergyico will continue to operate the two brands separately, Bloomberg quoted.
Copyright Mettis Link News