Treasure Magazine

Treasure Magazine

MPCL shows its EoI to acquire Fauji Foundation Wind Energy

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Wind Energy

KARACHI: Mari Petroleum Company Limited (MPCL) has shown its Expression of Interest (EoI) for the acquisition of majority shares, collectively held by Fauji Foundation and Fauji Fertilizer Bin Qasim Limited, in Foundation Wind Energy-I Limited and Foundation Wind energy-II Limited.

This was disclosed by the company in a notice sent to the Pakistan Stock Exchange (PSX) here on Tuesday.

According to the notice, the board of MPCL has approved the decision in a meeting held on October 19, 2020.

“Submission of an EoI for acquisition of majority shares in two Wind Power Projects we are pleased to inform that MPCL Board of Directors in its meeting held on October 19, 2020, approved the submission of an expression of interest for the acquisition of majority shares, collectively held by Fauji Foundation and Fauji Fertilizer Bin Qasim Limited, inFoundation Wind Energy-I Limited and Foundation Wind Energy-II Limited,” the notice said.

The notice further said that the abovementioned acquisition is subject to detailed due diligence of these projects, completion of procedural formalities, and requite approvals from MPCL Board of Directors and relevant Regulatory Authorities.