KARACHI – Cnergyico Pk Limited is set to become Pakistan’s second largest private fuel retailer as the Board of Directors of Cnergyico Pk Limited has approved to acquire 57.37% stake in Puma Energy Pakistan Private Limited.
A notice sent by the company’s management to Pakistan Stock Exchange cited that in a meeting held on Thursday, (January 13, 2022) the board of directors had approved the acquisition of a 57.37% stake in Puma Energy in accordance with Sections 96 and 131 of the Securities Act. 2015 and the relevant provisions of the Rule Book of the Pakistan Stock Exchange Limited.
The Singapore-based Puma Energy formed Pakistan unit last month and with controlling major stake in Puma Energy, it will double its retail business and make it among the leading private fuel retailers in the nation amid record gasoline sales.
Puma Energy Pakistan, formerly known as Admore Gas, is a Pakistani oil marketing company that is a subsidiary of Singaporean company Puma Energy and is based in the country’s financial capital Karachi.
Puma Energy has total outlets of around 542 out of which 80 percent are located in the northern region. On the other hand, Cnergyico has a total outlet of 432. Cynergyico Pk Limited is the only oil company in Pakistan in possession of a Single Point Mooring (SPM) located in the open sea off the coast of Mouza Kund Hub, Balochistan.
Earlier this month, Byco Petroleum Pakistan Limited (BPPL) announced changing its name from Byco Petroleum to Cnergyico Pk Limited.
Pakistani rupee continues recovering losses against US dollar and other currencies amid positive economic cues.
On Tuesday, the US dollar moved down and was being quoted at 283.6 for buying and 286.65 for selling.
Euro slides down to 309 for buying and 312 for selling. British Pound rate inches up to 360 for buying, and 363.5 for selling.
UAE Dirham AED dropped to 77.50 whereas the Saudi Riyal rate stands at 75.90.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||360||363.5|
|Hong Kong Dollar||HKD||36.46||36.81|
|New Zealand Dollar||NZD||175.89||177.89|
The gold remained under pressure in Pakistan amid a huge drop in price of the precious metal despite in the international market.
On Tuesday, the price of a single tola of 24-karat gold stands at Rs218,500 and 10 grams of 24k gold costs Rs187,330.
Single tola of 24 karat is Rs218,500, 22 Karat Gold costs Rs200,290, rate of 21 karat gold stands at Rs191,190 whereas 18k gold rate is Rs163,875.00 for each tola.
In the global market, gold saw huge drop in price, coming down to $2037 per ounce after drop of $81.79.
|Lahore||PKR 218,500||PKR 2,720|
|Karachi||PKR 218,500||PKR 2,720|
|Islamabad||PKR 218,500||PKR 2,720|
|Peshawar||PKR 218,500||PKR 2,720|
|Quetta||PKR 218,500||PKR 2,720|
|Sialkot||PKR 218,500||PKR 2,720|
|Attock||PKR 218,500||PKR 2,720|
|Gujranwala||PKR 218,500||PKR 2,720|
|Jehlum||PKR 218,500||PKR 2,720|
|Multan||PKR 218,500||PKR 2,720|
|Bahawalpur||PKR 218,500||PKR 2,720|
|Gujrat||PKR 218,500||PKR 2,720|
|Nawabshah||PKR 218,500||PKR 2,720|
|Chakwal||PKR 218,500||PKR 2,720|
|Hyderabad||PKR 218,500||PKR 2,720|
|Nowshehra||PKR 218,500||PKR 2,720|
|Sargodha||PKR 218,500||PKR 2,720|
|Faisalabad||PKR 218,500||PKR 2,720|
|Mirpur||PKR 218,500||PKR 2,720|