HTL gets more time to set up OMC as OGRA extends license

By MG News | February 15, 2024 at 03:35 PM GMT+05:00

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February 15, 2024 (MLN): The Oil and Gas Regulatory Authority (OGRA) has extended the provisional license for the establishment of an Oil Marketing Company (OMC) by Hi-Tech Lubricants Limited (PSX: HTL) until December 31, 2025, according to the latest notice issued by HTL today.

HTL primarily engages in procuring and distributing lubricants and petroleum products.

As of the time of writing, the company’s stock is being traded at Rs23.26 per share,with a decrease of more than 11% year-to-date.

The company currently holds a market capitalization of Rs3.24 billion. In the year 2023, HTL incurred a loss of Rs93.4 million.

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