AGL 40.00 Decreased By ▼ -0.01 (-0.02%)
AIRLINK 127.00 Decreased By ▼ -0.99 (-0.77%)
BOP 6.68 Increased By ▲ 0.08 (1.21%)
CNERGY 4.49 Decreased By ▼ -0.11 (-2.39%)
DCL 8.60 Increased By ▲ 0.12 (1.42%)
DFML 41.30 Decreased By ▼ -0.18 (-0.43%)
DGKC 86.71 Increased By ▲ 0.13 (0.15%)
FCCL 32.16 Increased By ▲ 0.02 (0.06%)
FFBL 64.70 Decreased By ▼ -0.72 (-1.1%)
FFL 10.29 Increased By ▲ 0.04 (0.39%)
HUBC 109.51 Decreased By ▼ -0.98 (-0.89%)
HUMNL 14.90 Increased By ▲ 0.15 (1.02%)
KEL 5.05 Decreased By ▼ -0.08 (-1.56%)
KOSM 7.40 Increased By ▲ 0.28 (3.93%)
MLCF 41.39 Decreased By ▼ -0.26 (-0.62%)
NBP 60.60 Increased By ▲ 0.51 (0.85%)
OGDC 190.00 Decreased By ▼ -4.69 (-2.41%)
PAEL 27.81 Decreased By ▼ -0.14 (-0.5%)
PIBTL 7.75 Decreased By ▼ -0.25 (-3.13%)
PPL 149.75 Decreased By ▼ -1.42 (-0.94%)
PRL 26.73 Decreased By ▼ -0.15 (-0.56%)
PTC 16.18 Increased By ▲ 0.18 (1.13%)
SEARL 86.02 Increased By ▲ 7.82 (10%)
TELE 7.72 Increased By ▲ 0.33 (4.47%)
TOMCL 35.58 Decreased By ▼ -0.09 (-0.25%)
TPLP 8.14 Increased By ▲ 0.23 (2.91%)
TREET 16.51 Increased By ▲ 0.62 (3.9%)
TRG 53.35 Increased By ▲ 0.59 (1.12%)
UNITY 26.28 Decreased By ▼ -0.27 (-1.02%)
WTL 1.26 Decreased By ▼ -0.01 (-0.79%)
BR100 9,889 Decreased By -31.1 (-0.31%)
BR30 30,611 Decreased By -140.9 (-0.46%)
KSE100 93,355 Increased By 130.9 (0.14%)
KSE30 28,931 Increased By 46 (0.16%)

Attock Refinery Limited (ATRL) dispelled rumours of a potential sale, stating that “no such matter is under consideration”.

The refinery informed its stakeholders of this development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

“We would like to address recent inquiries from certain shareholders/analysts during (the) corporate briefing session of the company held on November 8, 2024 with respect to rumours circulating in the market regarding potential sale of Attock Refinery Limited (ARL).

“We wish to clarify that no such matter is under consideration,” stated ATRL in the notice.

Attock Refinery restarts operation of key unit

During the corporate briefing session held on November 8, ATRL management had also indicated that the company is ready to sign the new refinery policy, stated a note issued on Friday from a brokerage house.

“However, the Finance Act 2024 has made changes to Sales Tax Act 1990 (tax exemption on the petroleum products) which could hamper the incentives and increase costs for the company (given no input taxes adjustment against output taxes). Therefore signing has been delayed until the matter is resolved,” Arif Habib Limited (AHL) noted in the commentary.

The refinery further disclosed that the government has committed to resolve this issue. “The management believes that the issue is expected to be resolved within a week (10th Nov’24-15th Nov 24).”

However, within that note, AHL did not mention any potential sale rumours about ATRL.

The notice sent ATRL’s share price plummeting during intra-day trading. ATRL’s share price fell from Rs526 around 12:55pm to Rs453 within a few minutes. It closed at Rs473 at the end of trading on Monday.

Attock Refinery was incorporated in Pakistan on November 8, 1978, as a private limited company and was converted into a public company on June 26, 1979. It is principally engaged in the refining of crude oil.

The company is a subsidiary of the Attock Oil Company Limited, England and its ultimate parent is Coral Holding Limited (a private limited company incorporated in Malta).

Comments

200 characters