Cnergyico moves to acquire stakes in Puma Energy

KARACHI: The board of directors of the Cnergyico Pk Limited has approved to negotiate with Puma Energy Pakistan (Private) Limited to acquire its majority stake, a bourse filing said on Tuesday.

“The board of directors of the company at its meeting held on 21st December 2021 has given go ahead to the management to negotiate with shareholders of Puma Energy Pakistan (Private) Limited for acquisition of its majority stake therein,” the filing said.

Puma Energy Pakistan, formerly known as Admore Gas, is a Pakistani oil marketing company which is a subsidiary of Singaporean company Puma Energy and is based in Karachi, Pakistan. The company operates more than 470 retail shops in the country.

Puma Energy made its entry into the Pakistan market in 2017, by acquiring 51 per cent interest in Admore Gas Pvt. Ltd (Admore).

Cynergyico Pk Limited (formerly known as Byco Petroleum Pakistan Limited) is the only oil company in Pakistan in possession of a Single Point Mooring (SPM) located in the open sea off the coast of Mouza Kund Hub, Balochistan. According to the company, it has expanded production from 13,000 barrels per day to 156,000 barrels per day and operates more than 400 retail outlets across the country.

Earlier this month, Byco Petroleum Pakistan Limited (BPPL) announced changing its name from Byco Petroleum to Cnergyico Pk Limited.

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