Taj Gasoline shows interest in buying 41% shares of Hascol Petroleum

Oil marketing company Taj Gasoline (Pvt.) Limited has informed management of Pakistan Stock Exchange by announcing the purchase of 41% share zipper of Hescol Petroleum.

In a letter sent to the management of the Pakistan Stock Exchange, oil marketing company Taj Gasoline (Pvt.) Limited announced the purchase of 41 percent of Hescol Petroleum.

Taj Gasoline plans to acquire at least 41 percent of the share capital and control of Heskol Petroleum Limited, AKD Securities Ltd said in a filing.

Taj Gasoline (Private) Limited, a leading oil marketing company, intends to acquire at least 41% of the issued and paid up share capital of Hescol Petroleum.

In the letter of AKD Securities Limited, it has been said that the announcement of acquisition of 41 shares of the target company Haskol Petroleum Limited is a source of happiness for us.

AKD Securities Limited has submitted a Letter of Ten under the Securities Act, 2015 and the Listed Companies Regulations, 2017 on behalf of Taj Gasoline (Private) Limited.

AKD Securities Limited has been appointed by Taj Gasoline (Private) Limited (the “Acquirer”) as the Manager for the Offer, the statement said.

According to the declaration, the announcement of acquisition of voting shares/control of the target company is subject to obtaining requisite regulatory approvals from the concerned regulatory authority.

According to AKD Securities, the approval of the Securities Exchange Commission and the Competition Commission is mandatory for the acquisition, otherwise the public declaration of intent may be withdrawn.