The Karachi Stock Exchange (Guarantee) Limited’s withdrawal of Public announcement of intention by Pakistan State Oil Company Limited for acquisition of 30% shares in Pakistan Refinery Limited

Karachi: This is with reference to the Public Announcement of intention (“Pol”) made by Pakistan State Oil Company Limited (“PSO”) on 30 November , 2010 for the proposed acquisition of a 30% stake in Pakistan Refinery Limited (“PRL”). The Pol period was initially expiring on 28 May 2011 but a subsequent extension was granted by the Securities and Exchange Commission of Pakistan (“SECP”) till 25 August 2011.

In accordance with Regulation 17(1)(e) of the listed Companies (Substantial Acquisition of Voting Shares and Take-Overs) Regulations 2008 (“Regulations”), we hereby inform you that PSO is withdrawing the Pol as the deadline for making the public announcement of offer is about to lapse. Even through vertical integration is an utmost priority for PSO, the dynamics prevailing in the energy chain do not allow them to move forward with the intended acquisition at this point in time. PSO however, whenever it deems fit, will continue to evaluate future acquisition (s) in light of its corporate strategy.

For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136

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