Taj Gasoline (Private) Limited has extended the initial time period to purchase 41 percent voting shares and control of Hascol Petroleum Limited by an additional period of 49 days i.e. till January 31, 2024.

“At the request of the acquirer, we would like to extend the initial time period 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) in accordance with Regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017,” Manager to the Offer AKD Securities Limited told the Pakistan Stock Exchange on Wednesday.

Notably, Hascol first allowed Taj Gasoline to carry out due diligence in June 2023 when it expressed the intention to acquire (by way of subscription of shares) at least 41 percent of the issued and paid-up share capital of the oil marketing company.

It bears mentioning that for quite some time now, Hascol has been negotiating with all of its lenders to restructure its whole Rs. 54 billion debt and has devised a restructuring program that will include the settlement of the full debt.

Source: Pro Pakistani