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Taj Gasoline Extends Deadline to Acquire 41% of Hascol Petroleum Shares

Taj Gasoline gets more time to buy 41% of Hascol Petroleum, extending the deadline to January 31, 2024. The extension follows regulations, and AKD Securities Limited informed the Pakistan Stock Exchange. Hascol, dealing with a Rs. 54 billion debt, has allowed Taj Gasoline to review its records since June 2023. The company is in the process of negotiating debt restructuring with its lenders.

Taj Gasoline Extends Deadline to Acquire 41% of Hascol Petroleum Shares

Taj Gasoline (Private) Limited has given itself more time to buy 41 percent of Hascol Petroleum Limited. They now have until January 31, 2024, instead of the original deadline of December 13, 2023. This extension was requested by Taj Gasoline, and it follows the rules set by the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

AKD Securities Limited, the manager handling the offer, informed the Pakistan Stock Exchange about this extension on Wednesday. Back in June 2023, Hascol allowed Taj Gasoline to check its records and finances with the plan to buy 41 percent of its shares.

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It’s important to note that Hascol has been working on restructuring its debt, which is currently Rs. 54 billion. They have been in talks with their lenders for a while, and now they have a program in place to settle the entire debt.

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