Hascol Petroleum receives NBP offer for restructuring of financing facilities

Hascol Petroleum Limited said on Monday that it had received an offer letter from the National Bank of Pakistan (NBP) regarding the restructuring/rescheduling of Hascol’s existing financing facilities.

The listed company announced the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

The company said that they had received the offer on January 29 and “the Board of Directors will review the said offer letter and its terms and conditions in detail for consideration and acceptance and, in the meantime, has authorized the disclosure of this information to the Pakistan Stock Exchange and the Securities and Exchange Commission of Pakistan”.

The company said the development represents a very important and crucial step achieved by the current management in the ongoing process of restructuring and rationalizing the company’s financing facilities.

“This development reflects the confidence of a major financial institution in the company’s turnaround efforts and future outlook,” the listed company wrote to PSX.

Hascol Petroleum Limited was incorporated in Pakistan as a private limited company on March 28, 2001 and converted into a public unlisted company in 2007.

It is engaged in the business of procurement, storage and marketing of petroleum, chemicals, LPG and related products.