Karachi August 31, 2021: BYCO Petroleum will issue 163.5 million at par value of PKR 10 per share to Cnergyico Mu Incorporated, as reported by the company.
This is in accordance with the Scheme of Arrangement dated June 23, 2016, for inter alia the merger of Byco Oil Pakistan Limited and Byco Terminals Pakistan Limited with and into Byco Petroleum Pakistan Limited (the “Company”), as approved by the shareholders of the Company on August 29,2016 and sanctioned by the High Court of Sindh at Karachi vide Order dated January 19, 2017, the Company was authorized to issue additional shares to Cnergyico Mu Incorporated (formerly known as Byco Industries Incorporated) (“CMI”), in light of payments made by CMI on behalf of BOPL, subject to obtaining the approval ofthe State Bank of Pakistan (SBP) and Securities and Exchange Commission of Pakistan (SECP).
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The Company has received the go-ahead from SBP; consequently, at a meeting of the Board of Directors of the Company held at 2:00 p.m. on August 31, 2021 at the corporate office of the Company, the Board of Directors resolved that the Company apply to the SECP for issuance of 163,562,865 (one hundred sixty three million five hundred sixty two thousand eight hundred sixty five) ordinary shares of the Company, having face value of PKR 10/- (Pak Rupees Ten) each, to CMI in accordance with the provisions of the Scheme.
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