HASCOL to conclude debt restructuring agreement: Chairman

News Image

MG News | December 07, 2021 at 12:47 PM GMT+05:00

0:00

December 07, 2021 (MLN): Hascol Petroleum Limited (PSX: HASCOL) is nearing to conclude the negotiation with banks for a debt restructuring agreement as the company is carrying a heavy burden of accumulated debt, Sir Alan Duncan, Chairman of Hascol said in Annual General Meeting (AGM) held today.

Recently, the company and Vitol, the single largest shareholder of the company, had offered a settlement of Rs54.5 billion worth of debt, owed to different banks.

Sources told Mettis Global that servicing the debt has cost as much as the scale of its total losses. In order to address this, the company has been in detailed negotiations with its bankers.

Hascol has been seriously constrained by tight liquidity, and the company would not have survived without the continuing support of its major shareholder, he said.

“We believe we are nearing the conclusion of those negotiations and hope soon to be able to announce a restructuring agreement under which short-term expensive debt is replaced by long-term affordable debt and some new equity,” he stated.

He termed the year 2021 a dramatic year as the board has worked tirelessly to turn the company around.

“First, we have published the 2020 accounts, and in doing so we have cleaned them up and corrected some previous entries which did not meet our high standards. We are now working hard on the 2021 quarterly accounts, and hope to be up-to-date with them within a few weeks,” he added.

“Second, we have changed the company’s auditors.”

It is not just Hascol that has had a difficult year. The entire OMC sector has had a challenging time both with market conditions and with the regulatory environment.

“Many of the problems OMCs have faced have not been of their own making, and we are pleased that the Government has taken positive steps on forex protection and retail margins which should help all companies in the sector,” he noted.

While concluding, he said: "If and when we succeed in this refinancing of the company, the board is confident that it will mark the opening of a new and better chapter in Hascol’s fortunes, and equip it to be restored as a profitable concern."


Copyright Mettis Link News

 

 

Related News

Name Price/Vol %Chg/NChg
KSE100 138,597.36
256.32M
-0.05%
-68.14
ALLSHR 85,286.16
608.38M
-0.48%
-413.35
KSE30 42,340.81
77.13M
-0.03%
-12.33
KMI30 193,554.51
76.19M
-0.83%
-1627.52
KMIALLSHR 55,946.05
305.11M
-0.79%
-443.10
BKTi 38,197.97
16.53M
-0.59%
-225.01
OGTi 27,457.35
6.73M
-0.94%
-260.91
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 117,670.00 121,165.00
117,035.00
-1620.00
-1.36%
BRENT CRUDE 69.23 70.77
69.14
-0.29
-0.42%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.03 67.54
65.93
-0.20
-0.30%
SUGAR #11 WORLD 16.79 17.02
16.71
0.05
0.30%

Chart of the Day


Latest News
July 18, 2025 at 07:21 PM GMT+05:00

Pakistan strengthens UK trade links


July 18, 2025 at 05:36 PM GMT+05:00

Pakistan, China set to advance agricultural innovation


July 18, 2025 at 05:10 PM GMT+05:00

PSX Closing Bell: Riding High, Ending Low



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg