Hascol Petroleum Limited (PSX: HASCOL) has invited Millat Global Holdings to conduct due diligence for the potential acquisition of its 76 percent fully diluted share capital, the company informed the Pakistan Stock Exchange on Monday. 'On the basis of the Non-Binding Letter of Intent received from Millat Energy Group, through its investment holding company, Millat Global Holdings, a DIFC company ('Potential Investor'), to acquire, through subscription, 76% fully diluted share capital of the Company, the management be and is hereby authorized to invite the Potential Investor to undertake due diligence of the Company and provide necessary access to Company's VDR,' the stock filing stated. The process is subject to execution of non-disclosure agreement(s), publication of a Public Notice of Intent to acquire shares of the Company in compliance with the provisions of the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2020, with a binding offer submission timeline of six weeks from the commencement of due diligence by the Potential Investor, the filing added. 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 LPG licensed company in the year 2018.
Source: Pro Pakistani