Mari Petroleum Company Limited (MPCL) has submitted an expression of interest (EOI) for the acquisition of majority shares in two wind power projects held by Fauji Foundation and Fauji Fertilizer Bin Qasim Limited.

“We are pleased to inform that MPCL Board of Directors in its meeting held on October 19, 2020, approved the submission of an expression of interest for the acquisition of majority shares, collectively held by Fauji Foundation and Fauji Fertilizer Bin Qasim Limited, in Foundation Wind Energy-I Limited and Foundation Wind Energy-II Limited,” MPCL said in its filing to the Pakistan Stock Exchange (PSX) on Tuesday.

MPCL added that the acquisition is subject to the detailed due diligence of these projects, completion of procedural formalities, and requite approvals from MPCL Board of Directors and relevant Regulatory Authorities.