Cynergyico secures 91.06% Stake in Coastal Refinery

By MG News | January 04, 2023 at 10:47 AM GMT+05:00

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January 04 , 2023 (MLN): Byco Terminals Pakistan limited (BTPL) and Byco Oil Pakistan limited (BOPL) under Share Purchase Agreement (SPA) has transfered 46.39mn shares comprising 91.06% of the shares to Cnergyico PK limited (Cnergyico) and the Company has become a subsidiary of Cnergyico.

To note, BTPL and Byco Oil Pakistan limited ("BOPL") entered into shares purchase agreement executed in August 2010(as amended from time to time) (SPA) with the shareholders of Coastal Refinery (Private) Limited (Company) for purchase of the issued shares of the Company (Shares).

In Addition, to this BTPL and Btco Oil Pakistan Limited (BOPL) have merged into Cnergyico PK Limited (Cnergyico) (the Merger) pursuant to the approval of the Honourable High Court of Sindh.

As a result of the Merger,the rights and obligations of BTPL and BOPL were absorbed into Cnergyico including ,interalio, the rights and obligations under the SPA.

At the time of writing the script of Cnergyico is being traded at Rs3.81 down by 0.78% DoD.

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