Pakistan: Byco Petroleum to acquire Puma Energy
The Pakistani company is looking to expand its market share in the country by buying a majority stake in the subsidiary.
Cynergyico PK Ltd, formerly Byco Petroleum Pakistan, has announced it’s aiming to start negotiations with shareholders of Puma Energy Pakistan to acquire a majority stake in the company. Cynergyico currently operates 440 service stations across the country while Puma owns 542 sites.
As news site Dawn informs, if the transaction comes to fruition Cynergyico will become a major player in the fuel retail sector of Pakistan with a total of 982 forecourts. The primary oil marketing company in the nation is Pakistan State Oil, which operates a total of 3,500 stations that represent more than 46% of the market share in the territory.
Puma Energy currently operates in 47 countries and is in control of 51% of the local subsidiary. Apart from its fuel stations, it also operates 13 convenience stores and has recently been in a simplification process after its recapitalisation into the Trafigura Group. The news comes after the firm has confirmed the sale of its assets in Angola to Sonangol as part of this process.
As Cynergyico’s Chairman, Mohammad Wasi Khan told the media outlet, the company is focusing on management control and good opportunities as a growing organisation. Details of the transaction are currently under assessment.
