Cnergyico acquires 57.37 percent stake in Puma Energy

According to the information sent to Pakistan Stock Exchange, Cnergyico Pk Limited (formerly Byco Petroleum Pakistan Limited) has acquired of 57.37 percent stake in Puma Energy Pakistan Private Limited (Puma previously Admore).

Puma Energy has more than 542 retail pumps across the country with storage terminals in Punjab (Machike) and Sindh (Daulatpur) having a total storage capacity of 10,500 MT for petroleum products.

On the other hand Cnergyico has a total number of 432 outlets all across the country. After the acquisition of Puma Energy, Cnergyico would become the second largest retail fuel network, in Pakistan.

Puma Energy, despite being the seventh largest OMC by retail outlets, has lower market share of around 1.5 percent in retail fuels. This is due to the liquidity constraints faced by the company over the last few years. Puma Energy has storage capacity of around 10,500 tons (Machike and Daulatpur) of oil products which is relatively a smaller number but enough to store oil products for 14-15 days (lower than 20 days as prescribed by OGRA).

This acquisition will significantly affect the market share of the company increasing the retail fuel share to overall 5.0 percent in the country.