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Site update: January 14 2022, at 18:15 PKST
Stock update: January 14 2022.

Recent Financial News about CNERGY (Cnergyico PK Limited)

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Thursday, January 13 2022

Cnergyico in final talks to acquire nearly 57% stake in Puma Energy Pakistan
Cnergyico Pk Limited (CNERGY), formerly known as Byco Petroleum, is in final talks to acquire a controlling stake of nearly 57% in Puma Energy Pakistan Pvt limited, which will double its retail business and make it the country's largest privately-owned fuel retailer with record gasoline sales, Bloomberg reported today. As per the news agency, the deal, worth more than 4 billion rupees ($23 million) could be announced as early as this week. Last month, the board of directors of CNERGY, gave go-ahead to the management to negotiate with shareholders of Puma Energy Pakistan (Private) Limited for the acquisition of its majority stake therein. The deal will add 542 fuel stations to Cnergyico's holdings, taking its total to about 1,000. The state-owned Pakistan State Oil (PSO) has 3,500 retail stations and Shell has 766 outlets across the country. Moreover, Cnergyico will continue to operate the two brands separately, Bloomberg quoted.
Related news categories: business economic-indicators misc psx refinery stock-exchanges
Related symbols: cnergy (news stock)

Thursday, December 23 2021

Cnergyico Pk intends to acquire majority stake in Puma Energy Pakistan
The board of directors of Cnergyico Pk Limited (CNERGY), formerly known as Byco Petroleum, in its meeting held on 21' December 2021, has given go-ahead to the management to negotiate with shareholders of Puma Energy Pakistan (Private) Limited for the acquisition of its majority stake therein, the company informed through a notice issued to exchange today. Recently, Byco Petroleum Pakistan, the country’s largest oil refinery in terms of design and installed capacity had announced changing its name from Byco Petroleum to Cnergyico Pk Limited. According to the press release, Chief Executive Officer Cnergyico Pk Ltd, Amir Abbassciy said, “The journey from Bosicor to Byco and then Cnergyico had been challenging yet exciting.” “Since the company's inception, innovation has played an important role, and as a result, we have, throughout the years, evolved from an oil company to a strategic oil refining and marketing company,” he said.
Related news categories: business economic-indicators misc psx refinery stock-exchanges
Related symbols: cnergy (news stock)

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