Attock Refinery Limited (ARL) addressed market rumors regarding its potential sale, dispelling speculation by confirming that “no such matter is under consideration.”
The clarification, issued during the corporate briefing session on November 8, 2024, reassured stakeholders that the company remains fully compliant with legal and regulatory requirements and submitted this update under Clause 5.6.2 of the PSX Rule Book.
Despite the notice, ARL shares displayed significant volatility, opening at Rs495.90 and surging to Rs540.00 before dipping to Rs453.03 on Monday.
During the briefing, ARL also mentioned its readiness to sign the new refinery policy, though recent changes to the Sales Tax Act have delayed the finalization of incentives.The government, however, has pledged to resolve these issues within the week. The speculation led to an intraday share price drop to Rs473, marking a 5.24% decrease.
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)
