Hascol to evaluate offer from Millat Global Holdings

MG News | March 29, 2024 at 09:33 AM GMT+05:00

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March 29, 2024 (MLN): The Board of Directors (BoD) of Hascol Petroleum Limited (PSX: HASCOL) has 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.

According to a notice issued by the company to PSX today, the board made this decision during their meeting held on March 28, 2024.

To recall, on December 18, 2023, HASCOL's board resolved to pursue a potential acquisition by Millat Energy Group, which expressed interest in acquiring a 76% stake in Hascol through a subscription to new shares.

Earlier, 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.

It is crucial to note that HASCOL currently operates within the defaulter segment of PSX.

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