The Board of Directors of Byco Petroleum Pakistan Limited, during its meeting held on Tuesday, has approved in principle, a potential merger of Byco Petroleum Pakistan Limited and its wholly-owned subsidiary, Byco Terminals Pakistan Limited, with and into its holding company, Byco Oil Pakistan Limited. 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 that will encompass Pakistan's largest oil refinery, the biggest oil storage facilities, country's only SPM as well as a petroleum marketing network of more than 250 stations. Speaking at the occasion, Aatiqa Lateef, Spokesperson of Byco Group, said, "We are pleased at the unique opportunities this merger will create for our investors and consumers. Over the past few years Byco Petroleum's growth has been substantial that has resulted in the Company posting an after-tax net profit of Rs 414 Million for the third quarter ending March 31, 2015."
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