Karachi January 4 2023: Cnergyico received 91.06 percent shares of Coastal Refinery (Private) Limited upon completion of formalities and conditions under SPA, according to company filing to the exchange.
Byco Terminals Pakistan Limited (BTPL) entered into a Share Purchase Agreement executed in August 2010 (as amended from time to time) (SPA) with the shareholders of Coastal Refinery (Private) Limited (Company) for purchase of the issued shares of the Company (Shares).
Subsequently, BTPL and Byco Oil Pakistan Limited (BOPL) have merged into Cnergyico PK Limited (Cnergyico) (the “Merger”) pursuant to the approval of the Honourable High Court of Sindh. As a result of the Merger, the rights and obligations of BTPL and BOPL were absorbed into Cnergyico including, inter alio, the rights and obligations under the SPA.
The Company owns, inter alio, Single Buoy Mooring relating to crude oil imports (“SBM”) which SBM has been under use of Cnergyico under arrangements agreed with the Company from time to time.
Cnergyico hereby convey that, consequent upon completion of the remaining formalities and conditions under the SPA, the 46,391,621 shares comprising 91.06% of the Shares have now been transferred to Cnergyico and the Company has become a subsidiary of Cnergyico.
