AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

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