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Tuesday 23 July, 2024
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Taj Gasoline Limited Desire to Purchase 41% Share of Hascol Petroleum Limited

BY Shahzad Saeed Jun 14, 2023. 08:54 pm UPDATED: Jun 14, 2023. 08:54 pm

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Through the manager of the offer, AKD Securities Limited, Taj Gasoline (Private) Limited has filed a Public Announcement of Intention (PAI) to acquire at least 41% of the issued and paid-up share capital and control of Hascol Petroleum Limited (PSX: HASCOL).

The manager of the offer stated in a letter to the Pakistan Stock Exchange on Wednesday that this PAI has been submitted in reference to regulation 6(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

On June 16, 2023, the public declaration of intention will appear in one English and one Urdu newspaper.

Relevantly, Hascol is presently putting strict restructuring plans into action to replace short-term debt with long-term, low-cost debt, and some new equity. The company’s current liabilities far outweigh its current assets, raising questions about its ability to pay back loans that will soon become due.

Taj Gasoline’s investment, though speculative, will probably assist in resolving the majority of Hascol’s financing problems.

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