Millat Global Runs Out of Time to Acquire 76% Stake in Hascol Petroleum

The time period given to Millat Global Holdings Limited for making an offer to acquire 76 percent shareholding of Hascol Petroleum Limited (HASCOL) has expired, manager to the offer Arif Habib Limited informed the main bourse on Thursday. “We, Arif Habib Limited, in our capacity as Manager to the Offer, would like to intimate that the time period for making the public announcement of the offer lapsed on June 16, 2024,” the stock filing said, adding that as of the Expiry Date, the PAI stands withdrawn. The filing added, “This process of withdrawal is being undertaken to ensure compliance with the law. You may contact the undersigned for any additional information or clarification”. HASCOL in April conditionally accepted an offer from Millat Global Holdings to proceed with negotiations and documentation and engaging with banks to accept it as the majority sponsor shareholder of the petroleum company. Hascol first invited Millat Global Holdings to conduct due diligence for the potential acquisition of its 76 percent fully diluted share capital in December 2023. Hascol is principally engaged in the business of procurement, storage, and marketing of petroleum, chemicals, LPG, and related products. The Company obtained an oil marketing license from the Ministry of Petroleum and Natural Resources in the year 2005 and acquired assets of an LPG-licensed company in the year 2018.