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Millat Energy Group has expressed its intention to acquire a 76% stake in Hascol Petroleum Limited, the latter shared in its notice to the Pakistan Stock Exchange (PSX) on Monday.

“On the basis of the non-binding letter of intent received from Millat Energy Group, through its investment holding company, Millat Global Holdings, a DIFC company (potential investor), to acquire, through subscription, 76% fully diluted share capital of the company, the management be and is hereby authorized to invite the Potential Investor to undertake due diligence of the company and provide necessary access to company’s VDR,” read the notice.

Hascol on Monday said that the development is “subject to execution of non-disclosure agreement(s), publication of public Notice of Intent to acquire shares of the company in compliance with the provisions of the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2020, with a binding offer submission timeline of six weeks from commencement of due diligence by the potential investor.”

Earlier this year, Hascol informed the PSX that Taj Gasoline (Private) Limited, an oil marketing company (OMC) engaged in the fuel retail business, plans to acquire at least 41% shares of Hascol.

Founded by Hamza Farooqui in 2016, Millat Group is a leading financial advisory and private equity firm with a focus on real estate, technology, hospitality and financial services. At present, the company consists of Millat Global Holdings, Millat Tourism and Millat Energy.

Hascol sustained a massive consolidated loss of Rs13.1 billion in the nine-month period ended September 30, 2023, higher than the loss of Rs9.43 billion in the same period of the previous year.

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