Karachi:Puma Energy Limited, whose largest shareholder is commodities trader Trafigura has inked an agreement with Admore Gas Private Limited to acquire 51pc majority stake in the company.
As per this agreement, Puma Energy Limited will expand its footprint by bringing retail sites, convenience stores across Pakistan.
Puma has plans to undertake a significant investment programme to develop and provide the best in-class supply chain infrastructure throughout Pakistan, which would help meet the future needs of retail business partners and customers.
Chief Executive Officer of Puma Energy Pierre Eladari said “Puma Energy continues to expand into new markets where its proven business model can deliver value to customers and shareholders alike. Pakistan is on a firm growth trajectory; growth which will place increasing demands on the downstream oil sector. We, together with our new partner, intend to play an important role in the future development of the industry, working with our new stakeholders in government, business and the public to improve the reliability, standards, service and product offering currently available.”
Last week, it had been reported Geneva based Swiss oil trading company Trafigura had expressed an interest in acquiring Pakistani oil marketing company Admore for $40m.
Trafigura is the 2nd biggest private oil trader globally and was interested in acquiring a 51pc majority stake in Admore.
Admore has a chain of over 471 petrol pumps across Pakistan with its headquarters centred in Karachi. As per Amir Wali ud Din Chishti, CEO Admore had confirmed a deal with Trafigura was expected to be signed by the 26th of this month.
Admore had reported a four-fold increase in its sales last year to reach 174,000 tons.
Chishti had then commented that Trafigura is expected to base its foreign teams in the country which would help expand their operations.