Mari Energies Limited, through its wholly owned subsidiary Mari Minerals (Private) Limited, has acquired a 5% stake in Kohesultan Mining Company (Private) Limited (KMCL).
The energy giant shared this development with the Pakistan Stock Exchange (PSX) through a notice on Wednesday in accordance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the PSX Regulations.
The acquisition, subject to regulatory approvals, was made through an agreement with Siakhkoh Mining Development (SMC-Private) Limited (SMD).
“We are pleased to announce that Mari Minerals (Private) Limited (MariMinerals) (formerly Mari Mining Company (Pvt) Limited), a wholly owned subsidiary of Mari Energies Limited, has entered into a definitive agreement, subject to requisite regulatory approvals, to acquire a 5% interest in Kohesultan Mining Company (Private) Limited (KMCL) from Siakhkoh Mining Development (SMC-Private) Limited (SMD),” read the Mari’s notice sent to the PSX.
KMCL is a joint venture between Siakhkoh Mining Development Limited and MCC Tongsin Resources Ltd (MCCT), currently managing the Siahdiq Copper Project in Chagai, Balochistan.
This project is a significant initiative in Pakistan’s mineral sector, with a focus on copper exploration and development.
“This acquisition aligns with our strategic objectives, marking a key step in MariEnergies’ broader efforts to diversify into near-core sectors and contribute towards the enhancement of the growth and sustainability of Pakistan’s mineral sector,” Mari Energies said.
Mari Energies, formerly Mari Petroleum, is one of the leading integrated E&P companies in Pakistan, with a net hydrocarbon production of over 115,000 barrels of oil equivalent per day. With a 29% market share, Mari is the largest gas producer in Pakistan and has a strong reserve and resource base of around 816 million BOE.
