KARACHI: The Board of Directors of Byco Petroleum Pakistan Limited (BPPL) in its meeting has approved in principle a potential merger of BPPL and its wholly owned subsidiary, Byco Terminals Pakistan Limited, with its holding company, Byco Oil Pakistan Limited. In this respect, Byco Petroleum Pakistan Limited will soon enter into discussions with the relevant entities.
The transaction is subject to approval by BPPL’s shareholders, receipt of regulatory approvals and other customary closing conditions. The proposed merger will create an unparalleled portfolio with substantial value for Byco’s shareholders and investors.
The new entity will have a vertically integrated footprint that will encompass Pakistan’s largest oil refinery, the biggest oil storage facilities, country’s only SPM as well as a petroleum marketing network of more than 250 stations.
Speaking on the occasion, Ms Aatiqa Lateef, Spokesperson Byco Group, said: “We are pleased over the unique opportunities this merger will create for our investors and consumers. Over the past few years Byco Petroleum’s growth has been substantial that has resulted in the company posting an after-tax net profit of Rs 414 Million for the third quarter ending 31st March, 2015.”