ISLAMABAD: Mari Energies Limited (MARI), formerly known as Mari Petroleum Company Limited, has announced its definitive agreement to acquire a 5% stake in Kohesultan Mining Company Limited (KMCL).
The development was disclosed in a notification to the Pakistan Stock Exchange (PSX) on Wednesday.
“Mari Minerals (Private) Limited, a wholly owned subsidiary of Mari Energies Limited, has entered into a definitive agreement—subject to regulatory approvals—to acquire a 5% interest in KMCL from Siahkoh Mining Development (SMC-Private) Limited (SMD),” stated the notice.
KMCL is a joint venture between SMD and MCC Tongsin Resources Ltd (MCCT), managing the Siahdiq Copper Project located in Chagai, Balochistan.
The acquisition aligns with Mari Energies’ strategic objectives to diversify into near-core sectors and strengthen Pakistan’s mineral sector’s growth and sustainability.
Mari Energies Limited, incorporated on December 4, 1984, is a public limited company engaged in the exploration, production, and sale of hydrocarbons. It operates Pakistan’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, and is the country’s second-largest natural gas producer.
In August 2023, Mari’s Board of Directors issued 800% bonus shares (eight shares for every one held) from the Capital Redemption Reserve Fund and Revenue Reserves, reflecting the company’s robust financial health and commitment to growth and diversification.
