Byco Petroleum Limited has absorbed its holding and subsidiary companies to become a single entity after Sindh High Court approved the company’s merger and amalgamation plan.
“The High Court of Sindh dated January 19, 2017 has sanctioned the merger/amalgamation of Byco Oil Pakistan Limited and Byco Terminals Pakistan Limited with and into Byco Petroleum Limited,” it was stated in a notification sent to the Pakistan Stock Exchange (PSX).
The amalgamation of the three companies is expected to benefit the organization in cutting down costs, restructuring debt and developing financial viability to help the company to focus on its core businesses including import terminal, refining of petroleum products.
Byco’s operational refinery has a refining capacity of 35,000 barrels /day of crude oil into various saleable components including Liquefied Petroleum Gas, Light Naphtha, Heavy Naphtha, High Octane Blending Component, Motor Gasoline, Kerosene, Jet Fuels, High Speed Diesel and Furnace Oil. Moreover, the company has expanded its refining complex by setting up another refinery with the capacity of 120,000 barrels per day which is completed.
Following the court’s decision, Byco Petroleum (BYCO +5%) hit the upper lock limit in addition to topping the volumes chart. Currently, Byco’s stock is trading at Rs 22.80 after a decline of Rs 0.19 (0.83pc).
