Hascol Petroleum Limited (HPL) applies for listing of its ordinary shares at the Lahore Stock Exchange and the Karachi Stock Exchange. While speaking at a pre-IPO/Book Building session at the Lahore Stock Exchange, Hascol Petroleum's Joint Lead Manager and Arranger Liaquat Ali said the present issue consists of 25,000,000 ordinary shares (27.59 percent of the post issue paid-up-capital of the Company), out of which 18,750,000 ordinary shares would be offered through book building at a floor price of Rs 20/- per share to institutional investors and high net worth individuals while rest of 6,250,000 ordinary shares would be offered to general public at a strike price which will be defined during book building exercise.
HPL Chairman Mumtaz Khan along with his team shared the Company's financial performance before the TREC Holders and the investors of the Lahore Stock Exchange. Advisors for HPL, Farid Alam Chief Executive Officer of the AKD Securities were also present on the occasion.
Liaquat covered the financial details indicating the performance, the worth and the potential of the Company and said that the principal purpose of the issue is to inject additional equity into the Company mainly for utilisation in the completion of Machike Storage Facility and for setting up new retail outlets across Pakistan. Speaking on the occasion, the Lahore Stock Exchange Managing Director Aftab Ahmed Chaudhry said besides raising capital, listing has numerous benefits that add on to the overall wealth creation of the Company, its employees and subsequently to the economy on the whole.
It may be mentioned that Hascol Petroleum Limited (HPL) was incorporated in March 2001 under the Companies Ordinance, 1984, primarily to take advantage of the petroleum sector deregulation and undertake a programme for owing, leasing and renting oil storage facilities as well as importing petroleum products for its own account. In February 2005 Hascol was granted a full marketing license by the Government of Pakistan and since then Hascol has been engaged in developing a retail network under Hascol brand and by 31st December 2012 HPL had commissioned two hundred retail outlets across Pakistan.-PR
Comments
Comments are closed for this article.