Arif Habib Initiates Acquisition Bid for HASCOL on Behalf of Millat Global

Arif Habib Limited (PSX: AHL) has taken a significant step in the business landscape by submitting a Public Announcement of Intention (PAI) to acquire a substantial 76% shareholding in Hascol Petroleum Limited (PSX: HASCOL) on behalf of Millat Global Holdings Limited.

According to a notification to the exchange, AHL has been designated as the Manager to the Offer by Millat Global Holdings Limited, in accordance with the provisions outlined in the Securities Act 2015 and the Listed Companies Regulations, 2017.

The PAI, detailing this proposed acquisition, is scheduled for publication in both an English and Urdu-language newspaper on December 20, 2023.

In a strategic move, yesterday, the Board of HASCOL decided to actively pursue a potential acquisition by Millat Energy Group. This move comes in response to Millat Energy Group's expressed interest in acquiring a significant 76% stake in Hascol through a subscription to new shares.

This development reflects a dynamic shift in the business landscape, and stakeholders are closely watching as Arif Habib, acting on behalf of Millat Global Holdings, endeavors to secure a substantial share of Hascol Petroleum Limited.