April 29, 2024 (MLN): The Board of Directors of Hascol Petroleum Limited (HASCOL) has conditionally accepted Millat Global Holdings Limited's offer for moving ahead with negotiations and documentation, including jointly engaging with the banks to seek acceptance of Millat as the proposed intended majority sponsor shareholder.
The decision was made by the board in its meeting held on April 26, 2024 and also includes the conclusion of the ongoing restructuring arrangements with banks.
The Chairman of the Board was authorized to convey conditional acceptance of the Millat offer, on the basis of which the company will proceed with further negotiations of definitive agreements with Millat and the banks for finalizing the pending restructuring Scheme of Arrangement.
HASCOL's board resolved to pursue a potential acquisition by Millat Energy Group on December 18, 2023, which expressed interest in acquiring a 76% stake in Hascol through a subscription to new shares.
On March 29, 2024, the board authorized the management to evaluate the purchase offer from Millat Global Holdings and to engage in further discussions to seek additional details and clarifications regarding the offer.
In addition to Millat's offer, the company also received a Public Announcement of Intention to acquire at least 41% of the issued and paid-up share capital from Taj Gasoline (Private) Limited on June 14, 2023.
It is crucial to note that HASCOL currently operates within the defaulter segment of PSX.
