Cnergyico Pk intends to acquire majority stake in Puma Energy Pakistan
MG News | December 21, 2021 at 03:49 PM GMT+05:00
December 21, 2021 (MLN): The board of directors of Cnergyico Pk Limited (CNERGY), formerly known as Byco Petroleum, in its meeting held on 21' December 2021, has given go-ahead to the management to negotiate with shareholders of Puma Energy Pakistan (Private) Limited for the acquisition of its majority stake therein, the company informed through a notice issued to exchange today.
Recently, Byco Petroleum Pakistan, the country’s largest oil refinery in terms of design and installed capacity had announced changing its name from Byco Petroleum to Cnergyico Pk Limited.
According to the press release, Chief Executive Officer Cnergyico Pk Ltd, Amir Abbassciy said, “The journey from Bosicor to Byco and then Cnergyico had been challenging yet exciting.”
“Since the company's inception, innovation has played an important role, and as a result, we have, throughout the years, evolved from an oil company to a strategic oil refining and marketing company,” he said.
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