Karachi April 29 2024: Hascol Petroleum Board of Directors decided to conditionally accept the Millat offer for moving ahead with negotiations for the conclusion of ongoing restructuring arrangements with bank.
The board of directors in its meeting held on 26 April 2024 decided to conditionally accept the Millat offer for moving ahead with negotiations and documentation, including jointly engaging with the banks to seek acceptance of Millat as the proposed intended majority sponsor shareholder of the Company and conclusion of the ongoing restructuring arrangements with banks.
The Chairman of the Board was authorized to convey conditional acceptance of the Millat offer, on the basis of which the Company will proceed with further negotiations of definitive agreements with Millat and the banks for finalizing the pending restructuring Scheme of Arrangement.
This is however subject to obtaining the necessary approvals from the banks and the relevant regulatory.
On 18th December 2023 company received a Non-Binding Letter of Intent from Millat Global Holdings Limited for acquisition of 76% stake in Hascol Petroleum Limited.
