PSO Acquires Majority Shares from Shell Petroleum UK in PRL

Pakistan State Oil Company Limited(PSO) has announced that the company has acquired 10.5 million shares from “the Shell Petroleum Company Limited, UK” in Pakistan Refinery Limited (PRL) with effect from December 03, 2019.

In a notification to the PSX, the company noted that,

As a result of this acquisition, PSO’s shareholding in PRL has increased from 154,875,000 to 165,375,000  shares under the category of ‘Class B’ shares which are not listed on PSX.

Before this acquisition, we (PSO) were holding 154.875 million B class shares – which represented 52.678 percent of the total paid-up capital of the company.

Last year, Pakistan State Oil Company (PSO) had acquired 84 million Class-B shares of Shell Petroleum Company Limited, United Kingdom in Pakistan Refinery Limited (PRL).

Pakistan Refinery Ltd, during the quarter that ended on September 30, 2019, has improved. Government of Pakistan’s efforts to stabilize the economy, particularly stability in the Rupee USD parity, and improvement in the international refining margins helped the company recover to some extent from the negativities of last year. The company posted a profit of Rs. 181 million for the period as compared to a loss of Rs. 421 million in the comparative quarter last year.