KARACHI (Agencies): Taj Gasoline (Private) Limited has decided to extend the original timeframe for the acquisition of a 41% stake, along with controlling interest, in Hascol Petroleum Limited. The extension grants an additional 49 days, prolonging the period until January 31, 2024.
“At the request of the acquirer, we would like to extend the initial period of making the Public Announcement of Offer within 180 days (i.e. December 13th, 2023) by an additional period of 49 days (i.e. January 31st, 2024) by Regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017,” stated Manager of the Offer AKD Securities Limited in communication with the Pakistan Stock Exchange on Wednesday.
Noteworthy is the fact that Hascol initially granted Taj Gasoline permission to conduct due diligence in June 2023, expressing its intent to acquire a minimum of 41% of the issued and paid-up share capital of the oil marketing company.
It is worth mentioning that Hascol has been in prolonged negotiations with its lenders to restructure its entire Rs. 54 billion in debt. The company has devised a restructuring program aimed at settling the full debt.