Mari Petroleum to Invest Rs. 2.5 Billion in Mining Subsidiary

The Board of Directors of Mari Petroleum Company Limited (PSX: MARI) in its meeting held on April 26, 2024, approved an investment of upto Rs. 2.5 billion in Mari Mining Company (Pvt) Limited (MMC) by way of equity injection, the exploration firm told the main bourse on Monday. “The investment will be made by MPCL in tranches spread over two years by subscribing to the right issue of MMC shares,” the filing stated. MMC is a wholly owned subsidiary of MPCL, which was established in July 2023 to undertake mineral mining projects in Pakistan and to contribute to the growth of the mineral mining sector of the country, the filing added. MARI is principally engaged in the exploration, production and sale of hydrocarbons. At the time of filing, MARI’s scrip at the bourse was Rs. 2,775, down 1.54 percent or Rs. 43.44 with a turnover of 51,970 shares on Monday.