Karachi August 5 2021: Hascol is currently in negotiations with its creditors to finalize a restructuring of the Company's liabilities, as per company management.
The Company's Board and Shareholders are committed to a successful restructuring of the Company and long term options are being evaluated. Hascol has lifted its stay order restraining the SECP's investigation regarding its 2019 financial disclosures, and is cooperating with the SECP in this regard.
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The Board of Directors of Hascol Petroleum Limited, in its emergent meeting held today, has approved the appointment of Mr. Aqeel Ahmed Khan as its CEO w.e.f. 5 August 2021, replacing Mr. Adeeb Ahmad who has resigned from the position. The Board has also approved the appointment of Mr. Zafar Iqbal Chaudhry and Mr. Mustafa Ashraf to the Board as independent directors.