Hascol Petroleum Limited has received an offer from the National Bank of Pakistan (NBP) to restructure its existing financing facilities, a move the company called “an important and crucial step” in its ongoing turnaround efforts.
The listed oil and energy firm informed the Pakistan Stock Exchange (PSX) on Monday that the offer letter had been received on January 29. The company said its Board of Directors will review the terms in detail before making a decision, while disclosure of the information to the PSX and the Securities and Exchange Commission of Pakistan has already been authorized.
“This development reflects the confidence of a major financial institution in the company’s turnaround efforts and future outlook,” Hascol said in its notice.
Hascol Petroleum, incorporated in Pakistan in 2001 and converted into a public unlisted company in 2007, is involved in the procurement, storage, and marketing of petroleum, chemicals, LPG, and related products. The company has been actively seeking ways to rationalize its financing and stabilize its operations amid market and economic challenges.
While the company’s turnaround journey is still in progress, the offer from NBP can be seen as a vote of confidence in Hascol’s management and its plan to stabilize the business.