Millat Group keen on acquiring Hascol

Troubled oil marketing company Hascol Petroleum Ltd said on Monday that Millat Energy Group is interested in buying 76 per cent of its “fully diluted share capital” through a subscription of new shares. Fully diluted share capital reflects the total number of sha­res a company would have if all outstanding options and other rights to subscribe for — or conv­ert into — shares were exercised. The latest disclosure by Hascol Petroleum follows its longstanding search for a potential investor that can inject fresh cash as part of a larger capital restructuring exercise aimed at ensuring the firm operates as a going concern. Earlier in June, the firm announced Taj Gasoline Ltd, a private oil marketing company operating 61 retail sites in Sindh, was interested in buying at least 41pc shareholding in it by subscribing to new shares. However, the potential deal seems to have fallen through since Hascol Petroleum is still looking for investors.