ISLAMABAD: Attock Refinery Limited (ARL) dismissed market rumours of a potential sale, confirming that “no such matter is under consideration,” as per its official statement to the Pakistan Stock Exchange (PSX) on Monday.
In response to recent shareholder inquiries during a corporate briefing held on November 8, 2024, ARL clarified that there are no ongoing discussions regarding a sale of the company.
During the same briefing, ARL management indicated their readiness to sign the new refinery policy. However, changes introduced in the Finance Act 2024, particularly concerning tax exemptions on petroleum products, have created uncertainties. According to Arif Habib Limited (AHL), these changes could increase costs due to the lack of input tax adjustments, delaying the policy’s signing until the matter is resolved. The government has assured a resolution within the week (November 10-15, 2024).
Despite this clarification, AHL’s note made no mention of any sale rumours. Nevertheless, the market reacted negatively, with ARL’s share price plunging from Rs526 to Rs453 within minutes during intra-day trading, eventually closing at Rs473 on Monday.
Attock Refinery, established in 1978, operates as a subsidiary of Attock Oil Company Limited (England), with Coral Holding Limited (Malta) as its ultimate parent company. The refinery specializes in crude oil processing and refining.
