Karachi: This is with reference to the Public Announcement of Intention (“Pol”) made by Pakistan State Oil Company Limited (“PSO”) on 30 November, 2010 for the proposed acquisition of a 30% Stoke in Pakistan Refinery Limited (“PRL”).
In accordance with Regulation 8(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Take-Over’s) Regulation 2008 (“Regulations”), on behalf of PSO, we wish to inform you that the Securities and Exchange Commission of Pakistan (“SECP”) has granted an extension in the Pol period for PSO. After finalizing the decision either ways on the transaction, PSO will subsequently make a public announcement of offer or withdraw the Pol in accordance with the Listed Companies (Substantial Acquisition of Voting shares and Take-Over’s) Ordinance 2002 and Regulations before 25 August 2011.
This extension was requested for completing the ongoing due diligence of PRL, The transaction is currently being reviewed in light of PSO’s strategy and the prevailing dynamics of the Pakistan energy chain, Please note that PSO being a state controlled entity has to be extremely convenient of various additional aspects apart from the fundamental transaction dynamics, The enhanced sensitivities inherent to this transaction requires PSO to take additional time in carefully reviewing the diligence findings and making an informed decision as to whether it intends to proceed with the acquisition or withdraw from it.
For more information, contact:
Babur Rais
Vice President
Corporate Finance and Advisory
BMA Capital Management Limited