Hascol opens door for potential acquisition by Millat Energy Group

MG News | December 18, 2023 at 02:36 PM GMT+05:00

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December 18, 2023 (MLN): The Board of Hascol Petroleum Ltd. (PSX: HASCOL) has resolved to pursue a potential acquisition by Millat Energy Group, which has expressed interest in acquiring a 76% stake in Hascol through a subscription to new shares, the company's filing on PSX showed.

"The management be and is hereby authorized to invite the Potential Investor to undertake due diligence of the company and provide necessary access to the company's VDR," the notice reads.

This is subject to the execution of non-disclosure agreement(s), publication of a Public Notice of Intent to acquire shares of the company in compliance with the provisions of the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2020, with a binding offer submission timeline of six weeks from the commencement of due diligence by the Potential Investor.

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