PSO's shareholding in PRL increases to 60%

March 4, 2020 (MLN):  Pakistan State Oil Company Limited (PSO), a holding company of Pakistan Refinery Limited (PRL) has increased its shareholding in the company from 154,875,000 Class B Shares (52.68%) to 189,000,000 Class B shares (60%), revealed an official notification from PRL to Exchange.

As per the notification, the holding company PSO has acquired 10.5 million Class B shares from Shell Petroleum Limited, UK.

In addition, it also acquired 2.65 million Class B shares of the Company from Chevron Global Energy Inc., USA (Chevron), consequently, PSO's shareholding in the company has increased from 154,875,000 Class B shares (52.68%) to 168,000,000 Class B Shares (57.14%).

Furthermore, in another notification to Exchange, PRL informed that PSO has acquired 21 million shares from Chevron after a compromise that has been made between PSO and Chevron, involving aforementioned 21 million Right Shares of PRL offered in 2015.

As a result of this acquisition, PSO's shareholding in the company has increased further from 168,000,000 shares (57.14%) to 189,000,000 shares (60%).

Moreover, the Paid-Up Share Capital of the company has also increased from 294,000,000 shares to 315,000,000 shares of Rs 10 each.

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