KARACHI: Byco Petroleum Pakistan Limited has announced to merge into its holding company, Byco Oil Pakistan Limited.
The Board of Directors of Byco Petroleum Pakistan Limited approved the merger of the company, which runs refinery, terminal and marketing businesses. While no specific reason for the decision has been shared by the company, a senior official said that it will help increase efficiency of the refining plants and bring economies of scale.
In this respect, Byco Petroleum Pakistan Limited will soon enter into discussions with the concerned entities. The transaction is subject to approval by BPPL’s shareholders, receipt of regulatory approvals and other customary closing conditions. The proposed merger will create an unparalleled portfolio with substantial value for Byco’s shareholders and investors. The new entity will have a vertically integrated footprint.
