AIRLINK 189.45 Increased By ▲ 1.42 (0.76%)
BOP 11.20 Decreased By ▼ -0.66 (-5.56%)
CNERGY 7.29 Decreased By ▼ -0.25 (-3.32%)
FCCL 36.70 Decreased By ▼ -1.09 (-2.88%)
FFL 15.00 Decreased By ▼ -0.24 (-1.57%)
FLYNG 26.39 Increased By ▲ 0.86 (3.37%)
HUBC 131.45 Increased By ▲ 1.30 (1%)
HUMNL 13.50 Decreased By ▼ -0.11 (-0.81%)
KEL 4.27 Decreased By ▼ -0.08 (-1.84%)
KOSM 6.05 Decreased By ▼ -0.12 (-1.94%)
MLCF 45.99 Increased By ▲ 0.31 (0.68%)
OGDC 202.49 Decreased By ▼ -3.94 (-1.91%)
PACE 6.10 Decreased By ▼ -0.28 (-4.39%)
PAEL 38.18 Decreased By ▼ -2.13 (-5.28%)
PIAHCLA 16.81 Decreased By ▼ -0.14 (-0.83%)
PIBTL 7.91 Decreased By ▼ -0.12 (-1.49%)
POWER 9.85 Decreased By ▼ -0.18 (-1.79%)
PPL 173.84 Decreased By ▼ -5.00 (-2.8%)
PRL 34.94 Decreased By ▼ -1.42 (-3.91%)
PTC 24.10 Decreased By ▼ -0.29 (-1.19%)
SEARL 101.80 Decreased By ▼ -1.36 (-1.32%)
SILK 1.06 Decreased By ▼ -0.01 (-0.93%)
SSGC 32.68 Decreased By ▼ -3.56 (-9.82%)
SYM 17.95 Decreased By ▼ -0.28 (-1.54%)
TELE 8.11 Decreased By ▼ -0.27 (-3.22%)
TPLP 12.02 Decreased By ▼ -0.14 (-1.15%)
TRG 67.44 Increased By ▲ 0.11 (0.16%)
WAVESAPP 11.79 Decreased By ▼ -0.22 (-1.83%)
WTL 1.53 Decreased By ▼ -0.04 (-2.55%)
YOUW 3.95 Increased By ▲ 0.06 (1.54%)
BR100 11,819 Decreased By -87.9 (-0.74%)
BR30 35,000 Decreased By -554.1 (-1.56%)
KSE100 112,085 Decreased By -478.8 (-0.43%)
KSE30 34,946 Decreased By -148 (-0.42%)

Mari Energies Limited (MARI), formerly Mari Petroleum Company Limited, has entered into a definitive agreement to acquire a 5% stake in Kohesultan Mining Company Limited (KMCL).

On Wednesday, the listed company shared the development in its notice to the Pakistan Stock Exchange (PSX).

“We are pleased to announce that Mari Minerals (Private) Limited (MARI) (formerly, Mari Mining Company (Pvt) Limited), a wholly owned subsidiary of Mari Energies Limited, has entered into a definitive agreement, subject to requisite regulatory approvals, to acquire a 5% interest in Kohesultan Mining Company (Private) Limited (KMCL) from Siahkoh Mining Development (SMC-Private) Limited (SMD),” read the notice.

KMCL is a joint venture between SMD and MCC Tongsin Resources Ltd (MCCT) and is managing the Siahdiq Copper Project in Chagai, Balochistan.

“This acquisition aligns with our strategic objectives, marking a key step in Mari Energies’ broader efforts to diversify into near-core sectors and contribute towards the enhancement of the growth and sustainability of Pakistan’s mineral sector,” the company added.

Mari Energies Limited is a public limited company incorporated in Pakistan on December 4, 1984, under the Companies Ordinance, 1984 (now superseded by the Companies Act, 2017).

The company is principally engaged in the exploration, production, and sale of hydrocarbons.

By operating the country’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, MARI is the second largest producer of natural gas.

In August 2023, MARI’s Board of Directors (BoD) announced the issue of bonus shares for the year June 30, 2024, of 800% i.e. eight shares for every one share held, from the Capital Redemption Reserve Fund and the balance from Revenue Reserves.

“The issuance of bonus shares is a reflection of the increasingly strong balance sheet of the company to grow and diversify further,” the company said at the time.

Comments

200 characters
Zafar Iqbal Jan 22, 2025 10:29pm
OGDCL,pso,all government owned refineries should enter in mining ventures.
thumb_up Recommended (0) reply Reply