HASCOL approves modified draft SOA proposed by secured creditors

MG News | March 13, 2023 at 03:20 PM GMT+05:00

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March 13, 2023 (MLN): The board of directors of Hascol Petroleum Limited (PSX: HASCOL) has approved a modified draft Scheme of Arrangement (SOA) that includes certain amendments and suggestions proposed by the company's secured creditors.

The modified scheme will now be presented to the secured creditors for their approval, followed by the members of the company. Once approved, the scheme will be filed and submitted to the High Court of Sindh at Karachi for necessary steps.

The aforesaid scheme will also be circulated to the Pakistan Stock Exchange (PSX) and members in due course, in accordance with the applicable laws.

HASCOL is a major player in the petroleum industry, with a diverse range of products and services.

The company's decision to modify its Scheme of Arrangement is expected to have a significant impact on its future operations and growth prospects.

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