NRL tells PSX it is not aware of any reason that is causing its share price to increase

December 14, 2020 (MLN): National Refinery Limited has once again clarified its stance regarding the trading price of its shares, by stating that it is not aware of any reason/material information which may have resulted in substantial increase in share price and which has not been announced previously.

Earlier in November, the company had made it clear that the refinery was not, in any manner, involved in the joint venture with Mari Petroleum Company Limited (MPCL). This clarification was a response to an article published in the newspaper on November 25, 2020, captioning “Mari Enters in JV for mining projects in Balochistan”, wherein it was mentioned that MPCL would initially acquire approx. up to 20 percent equity shares in National Refinery Ltd.

NRL had made it clear that the information disclosed to PSX mentioned the name of National Resource (Private) Limited (NRL) and not National Refinery Limited. The same was communicated to the concerned newspaper for necessary correction.

It is pertinent to mention that from the date of publishment of the article, i.e. November 25, 2020, to this date, the share price has increased by 90.68%, from Rs. 161.36 per share to Rs. 307.68 per share.

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