Refinery acquisition: PSO gets more time to make decision

Announcement of offer or withdrawal will be made before August 25.

Express May 26, 2011


Pakistan State Oil has been given more time to review the proposed 30 per cent acquisition of Pakistan Refinery Limited.

The Securities and Exchange Commission of Pakistan granted an extension in the Public Announcement of Intention period for Pakistan State Oil (PSO), according to a notice sent to the Karachi Stock Exchange on Thursday.

The largest oil marketing company will now have to make a public announcement of the offer or withdrawal before 25 August 2011.

Pakistan State Oil had earlier announced plans to increase its current 18 per cent share in the refinery by purchasing Shell’s 30 per cent stake in Pakistan Refinery Limited (PRL).

The extension was requested for completing the ongoing due diligence of PRL, says the transaction handler BMA Capital. The transaction is currently being reviewed in light of prevailing dynamics in the energy chain.

If the deal goes through, PSO will have a 48 per cent stake in PRL and become the largest shareholder of the refinery.

Published in The Express Tribune, May 27th, 2011.


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