MARI greenlights Rs. 2.5 billion equity investment in MMC

In a notification sent to PSX on 29/04/2024, Mari Petroleum Company Limited (MARI) announced the investment in Mari Mining Company Ltd (MMC) through equity investment.

The Board of Directors of Mari Petroleum Company Limited (“MPCL”) in its meeting held on April 26, 2024, has approved an investment of up to Rs. 2.5 billion by MPCL in MMC by way of equity injection. The investment will be made by MPCL in tranches spread over two years by subscribing to the right issue of MMC shares.
MMC is a wholly owned subsidiary of MPCL, which was established in July 2023 to undertake mineral mining projects in Pakistan and to contribute to the growth of the mineral mining sector of the country.

The shares of MARI were last trading at Rs. 2818.44 today.