Taj Gasoline to Acquire Hascol Petroleum Limited
Our Correspondent
Taj Gasoline (Private) Limited is going to acquire 41 percent shares and management control of Hascol Petroleum Limited.
AKD Securities Limited has been appointed as manager to the offer by Taj Gasoline.
AKD Securities on behalf of Taj Gasoline made the announcement on Wednesday regarding acquiring shares of Hascol with management control.
Hascol has been facing trouble for a long due to poor financial health.
It had obtained a multibillion rupees loan from banks. In the past, it had also offered banks to acquire shares against loans.
But the deal was not materialized.Hascol close to ink Restructuring Agreement with Bankers
It has also been highlighted on different forums regarding its worst financial health.Hascol defaulted on over Rs16b loan to NBP
Now, Taj Gasoline had come up with a plan to acquire its 41 percent shares.
It will also get management control of Hascol Petroleum.