Hascol Petroleum Limited (PSX: HASCOL) has conditionally accepted an offer from Millat Global Holdings to proceed with negotiations and documentation and engaging with banks to accept it as majority sponsor shareholder of the petroleum company, a HASCOL notice informed the main bourse on Monday.
“The Board in its meeting held on 26 April 2024 decided to conditionally accept the Millat offer for moving ahead with negotiations and documentation, including jointly engaging with the banks to seek acceptance of Millat as the proposed intended majority sponsor shareholder of the Company and conclusion of the ongoing restructuring arrangements with banks,” the stock filing stated.
According to the stock filing, the Chairman of the Board at Hascol Petroleum has been authorized to convey conditional acceptance of the Millat offer, on the basis of which the Company will proceed with further negotiations of definitive agreements with Millat and the banks for finalizing the pending restructuring Scheme of Arrangement.
“This is however subject to obtaining the necessary approvals from the banks and the relevant regulatory authorities,” the filing added.
Hascol first invited Millat Global Holdings to conduct due diligence for the potential acquisition of its 76 percent fully diluted share capital in December 2023.
Hascol is principally engaged in the business of procurement, storage, and marketing of petroleum, chemicals, LPG, and related products. The Company obtained an oil marketing license from the Ministry of Petroleum and Natural Resources in the year 2005 and acquired assets of an LPG-licensed company in the year 2018.
