Hashoo Group – one of Pakistan’s largest conglomerates with interests in real estate, hospitality, travel services, chemicals, oil and gas, commodity trading, pharmaceuticals and mining – acquired a controlling stake in Burshare LPG, through their subsidiary OPI Gas (Pvt) Ltd.
OPI Gas is in the business of bottling and marketing liquefied petroleum gas (LPG) from fields owned by British Petroleum (BP) and the Oil & Gas Development Corporation (OGDC).
This deal witnessed an increase of Hashoo Group’s investment in LPG sector, a potential profitable area if Petroleum ministry continues with its plans to substitute CNG with LPG, as an alternative fuel in domestic, industrial, commercial and especially, transportation.
Almost two years ago, Hashoo Group acquired controlling stake in Shell Gas for a reported price of PKR 50 Crore back in June 2010.
OPI Gas has executed Shares purchase Agreement to sale 15,671,268 ordinary shares of Burshane LPG (Pakistan) Limited being 69.22% shareholding at PKR. 41.47 per share. This price represents a ‘make-no-sense’ 22 per cent discount from market share price of Burshane which is currently hovering at a price of PKR 53.27