Hascol has announced its first quarter results for the period ending 31 March 2022. The company posted operating profit of Rs 25 mn as compared to Rs 132mn in the same period last year.
Despite the non-availability of adequate working capital lines from banks, the credit support from the company’s single majority shareholder, Vitol, has played a vital role in keeping the company’s supply chain intact.
The AGM for 2021 annual accounts last month has been successfully convened and the key regulators have appreciated the management’s endeavours for preparing the financial statements 2021 with completeness and accuracy.
The company is now all set for filing the scheme of arrangement for restructuring and settlement of specific existing liabilities of the Company towards its creditors as the Board has accorded its approval in its meeting held on 23 September 2022 for filing of Scheme of Arrangement under Sections 279 to 283 and 285 of the Companies Act, 2017 before the Sindh High Court through its transaction legal counsel.
The company has appointed Top line Securities Limited, as the Company’s strategic advisor & lead financial arranger, to, inter alia, determine, evaluate and advise on strategic options for the raising of equity by the Company, and potentially arrange / seek investors for the purposes of the same, as part of the restructuring exercise in terms of the Rehabilitation Plan.
The Company is extending full co-operation to the policy makers by sharing the industry expertise and resources regarding the proposed deregulation of the oil sector which is expected to bring about positive change to the sector and widespread benefits for all stakeholders.
The Company’s Board and management very much hope that over the next few months Hascol Petroleum will be put on a sound footing for the years ahead.
