Karachi October 2 2023: Cnergyico, Pakistan's largest refinery, decided to carry out organization restructuring to facilitate generation of new investment in the business units and for better focus and management of the business units
The Board of Directors of Cnergyico PK Limited on 2nd October 2023 discussed the Company's financial position, along with the management's proposal for potentially carrying out a corporate reorganization/restructuring of the Company and its group entities, involving, inter alia, segregating the Company's business units by carving the same into separate subsidiaries to facilitate generation of new investment in the business units and for better focus and management of the business units.
The Board of Directors granted in-principle approval to the management to formulate and propose the terms for the potential
arrangement, including to prepare necessary documents in this respect, upon finalization of which by the management, the same be presented to the Board of Directors for their consideration and approval.
To proceed further in the matter, the Board of Directors authorized the Company to, inter alia, engage legal, financial and such other advisors and consultants as may be required for the purposes of the above, and carry out other necessary steps and actions.