KARACHI: Vitol Dubai Limited, a global energy and commodity trading company, has increased its stake in Hascol Petroleum Limited to 25% compared to 15% earlier this year, according to a bourse filing on Wednesday.
“Vitol Dubai Limited…has exercised its call option to acquire an additional 10% shares in Hascol Petroleum pursuant to terms of the shareholders’ agreement, increasing its shareholding from 15% to 25%,” said Zeeshanul Haq, Company Secretary, in a notification to the Pakistan Stock Exchange.
The announcement helped Hascol’s stock surge to its upper limit of 5% (Rs13.98) and close at Rs293.64 with a volume of 2.9 million shares at the stock exchange.
The announcement, however, did not reveal the price at which the global energy company acquired the additional shares in Pakistan-based oil marketing company.
In February 2016, Vitol had acquired 15% shares (18.1 million shares) at Rs162 each. Hascol received around $28.1 million on the share sale.
Vitol had signed the share purchase agreement with four major shareholders of Hascol including Mumtaz Hasan Khan, Fossil Energy (Private) Limited, Marshal Gas (Private) Limited and Liaquat Ali.
The two companies are building in partnership an additional oil storage facility of 200,000 tons with an injection of Rs375 million.
This will increase the storage capacity for white and black oil and help the fast-growing oil marketing company to broaden its network of retail outlets in the country.
Courtesy : Express Tribune