Millat Global Holdings Proposes Acquisition of Majority Stake in Hascol Petroleum

Karachi, The Board of Directors of Hascol Petroleum Limited has officially received a proposal from Millat Global Holdings Limited for a significant acquisition. The offer outlines an ambitious plan to acquire a 76% shareholding in Hascol Petroleum Limited, a notable entity in the energy sector. This acquisition is proposed to be executed through a direct issuance of capital, diverging from traditional rights-based approaches.

Millat Global Holdings, affiliated with the diversified Millat Energy Group and based in the Dubai International Financial Centre (DIFC), has prompted Hascol’s Board to initiate detailed discussions. The dialogue between the two companies aims to explore the specifics of the offer and address any requisite clarifications. The proposed acquisition includes conditions precedent that necessitate further examination and agreement by both parties involved.

In compliance with Regulation 5(1) of the Listed Companies (Substantial Acquisition and Takeover) Regulations 2017, this significant corporate development has been disclosed to the Pakistan Stock Exchange (PSE). The Securities Exchange has been requested to disseminate this information promptly to the shareholders of Hascol Petroleum Limited. The announcement is to be made available through the Exchange’s notice board and its automated information system, ensuring transparency and compliance with regulatory requirements.