Millat Global misses the deadline to acquire a 76% stake in Hascol Petroleum

Millat Global Holdings Limited’s attempt to acquire a majority stake in Hascol Petroleum Limited (HASCOL) has officially ended after the expiration of the designated time period for making an offer. Arif Habib Limited, acting as the Manager to the Offer, notified the Pakistan Stock Exchange on Thursday that the public announcement of the offer had lapsed on June 16, 2024. Consequently, the Potential Acquirer’s Intent (PAI) has been withdrawn.

The stock filing emphasized that this withdrawal process is being carried out to ensure compliance with relevant legal requirements. Arif Habib Limited offered further clarification or additional information upon request.

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In April, HASCOL had conditionally accepted an initial offer from Millat Global Holdings to proceed with negotiations, documentation, and engagement with financial institutions to secure the position of majority shareholder in the petroleum company. This followed HASCOL’s invitation to Millat Global Holdings in December 2023 to conduct due diligence for the potential acquisition of 76 percent of its fully diluted share capital.

HASCOL operates primarily in the procurement, storage, and marketing of petroleum, chemicals, LPG (liquefied petroleum gas), and related products. The company received its oil marketing license from the Ministry of Petroleum and Natural Resources in 2005 and expanded its operations by acquiring the assets of an LPG-licensed company in 2018.