Byco subsidiaries to merge

KARACHI: Byco Petroleum Pakistan Limited along with its wholly owned subsidiary Byco Terminals Pakistan Limited has planned to merge with and into the holding company, Byco Oil Pakistan Limited. A notice issued Wednesday said Byco Petroleum Pakistan Limited will soon enter into discussions with the concerned entities.
The transaction is subject to approval by 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 that will encompass Pakistan’s largest oil refinery, the biggest oil storage facilities, country’s only single-point mooring (SPM) as well as a petroleum marketing network of more than 250 stations.
“We are pleased at the unique opportunities this merger will create for our investors and consumers,” Aatiqa Lateef, spokesperson Byco Group said.
Over the past few years Byco Petroleum’s growth has been substantial and has resulted in the company posting an after-tax net profit of Rs414 million for the quarter ended March 31, 2015.