July 29, 2020 (MLN): Pakistan State Oil (PSO) has paid an amount of Rs. 224,590,280 to Pakistan Refinery Limited (PRL) for the subscription of 22,459,028 shares which remained unsubscribed as part of the right issue made by the latter. This is in addition to PSO’s subscription of its own 60% portion of Right Shares in PRL.
As a result of the aforementioned acquisition, PSO’s shareholding in PRL has increased from 60% to 63.56%. PSO now holds 378,000,000 ‘Class B’ shares and 22,459,028 ‘Class A’ shares in PRL. It is pertinent to mention that ‘Class B’ shares of PRL are not listed on the Pakistan Stock Exchange.
For the uninitiated, SECP had allowed PRL to go ahead with the right issue of 315 million shares at Rs.10 each, without underwriting. PSO, the sponsoring shareholder of PRL, had agreed to subscribe to a portion of the 40% of the right issue.
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