Cnergyico set to become leading fuel retailer with majority stake in Puma energy
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.
- NFTP opens admissions for freelancers nationwide12:49 PM | 24 May, 2022
- Policeman shot dead in Lahore raid amid crackdown on PTI workers12:32 PM | 24 May, 2022
- Political cousin who? Tahirul Qadri tells his supporters not to join ...11:57 AM | 24 May, 2022
- UN to honour posthumously six Pakistani peacekeeper troops11:04 AM | 24 May, 2022
- Imran Khan terms police raids on houses of PTI leaders 'brutal ...10:23 AM | 24 May, 2022
- Minal Khan's new selfies with shirtless Ahsan at beach go viral06:41 PM | 23 May, 2022
- Abrarul Haq slams Karan Johar for stealing ‘Nach Punjaban’05:54 PM | 23 May, 2022
- Watch - Indian singer Arijit Singh says he is coming to Pakistan05:30 PM | 23 May, 2022
- Dollar hits all-time high at Rs19212:45 PM | 12 May, 2022
- Five best Pakistani YouTube channels that would make your Ramadan ...12:24 PM | 15 Apr, 2022
- Where does Pakistan stand in most powerful passport list in 2022? ...08:37 PM | 5 Apr, 2022
- International Women's Day - Pakistani women who made a mark globally!09:55 PM | 8 Mar, 2022