Islamabad: Byco Petroleum Pakistan Limited is set to buy Puma Energy, an oil marketing company, to expand its retail outlets’ operations.
It has also made a turnaround and has ambitious plans to set up upgradation plants, but it also focuses on enhancing its retail outlet to capture market share.
Byco Petroleum has also turned into an impressive Net Profit of Rs. 2.17 Billion during the first nine months of the ongoing financial year. It has displayed strong growth by jumping up 4.5 times a year yearly to Rs 5.47 billion for nine months of FY21.
Byco is now in the final stage to acquire Puma Energy that consolidates its brands’ LP, Dippsa and Ello, under one brand name.
It also supplies fuel to the aviation sector. During 2018, Puma Energy had added 13 more airports to its aviation portfolio and two new terminals in Panama and Colombia, bringing the total storage capacity to 7.7 million tons.
New Investment
IGCF Oil and Gas Limited has decided to offload 22 percent shares in Byco Petroleum Pakistan Limited. It has a total of 37 percent shares.
In the first phase, it has offloaded 9.8 percent shares out of 22 percent in the Byco refinery.
A local company has bought 308,522,000 shares out of a total of 522,825,000 shares IGCF Oil and Gas Limited has sold.
A mutual fund has acquired 52,855,000, brokers 37,235,000 and overseas 33,213,000 shares.
Earlier, IGCF Oil and Gas Limited, previously known as Abraaj Mauritius, one of Byco Industries Incorporated ( BII ) shareholders, has decided to divest 22 percent shares in Byco Petroleum Pakistan Limited.
After new investors are in now, they plan to invest multibillion rupees in upgrading the products. Recently, Byco is setting up furnace oil conversion plants that would be operational in 2024.
It is currently operating at 60 percent capacity due to furnace oil consumption in the country. After furnace oil conversion plants, it will be able to work at total capacity. Therefore, it needs a strong network of retail outlets. The acquisition of Puma Energy is also part of a plan to expand the network across the country to capture market share.
