Majority Stake to be Acquired in Puma Energy Pakistan by Cnergyico Pk Ltd
According to sources in Islamabad, the Board of Directors of Byco Petroleum, currently known as Cnergyico Pk Limited (CNERGY), has been instructed to buy the majority stake in Puma Energy Pakistan.
CNERGY sent a letter to Pakistan Stock Exchange (PSX) on December 21. The company’s management will negotiate with Puma Energy Pakistan (Private) Limited in order to acquire a controlling stake.
Byco Petroleum Pakistan Limited (BPPL) is the largest oil refinery in Pakistan in terms of installed capacity and layout. Soon, it will be known as Cnergico Pk Limited.
Puma has over 550 retail locations in Pakistan, while Byco has 450 locations.
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