Taj Gasoline (Private) Limited has filed a Public Announcement of Intention (PAI) to acquire at least 41 percent of the issued and paid-up share capital and control of Hascol Petroleum Limited (PSX: HASCOL) through manager to the offer AKD Securities Limited.
This PAI has been filed in reference to regulation 6(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, the manager to the offer said in a letter to the Pakistan Stock Exchange on Wednesday.
The public announcement of intention will be published in one English and one Urdu newspaper on June 16, 2023.
Pertinently, Hascol is currently in the middle of executing rigorous restructuring plans to replace short-term debt with long-term low-cost debt and some new equity. The company’s present liabilities vastly outnumber its current assets, casting doubt on the company’s capacity to repay loans that will become due in the near future.
While speculative, Taj Gasoline’s investment will likely help solve most of the financing issues faced by Hascol.
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