Karachi: Mari Petroleum Company Limited (MPCL) has announced a significant equity investment totaling Rs. 10 billion into a newly formed subsidiary that will concentrate on cutting-edge sectors such as Data Centre operations, Cloud Computing, and Artificial Intelligence, along with continued interests in Petroleum and Mining. This decision was finalized during an emergent board meeting held on September 23, 2024.
The establishment of this subsidiary was initially referenced in a letter dated August 08, 2024, marked MPCL-CA-24-4015. This move aligns with MPCL’s strategy to diversify its technological portfolio while strengthening its core sectors of petroleum and mining. According to information available from the Pakistan Stock Exchange (PSX), the company's investment aims to propel forward its capabilities in these innovative areas, potentially setting new standards within the industry.
This development is pursuant to Section 96 of the Securities Act, 2015 and Clause 5.6.1 (a) of the PSX Regulations, which necessitate the disclosure of material or price-sensitive information. The disclosure was directed towards the TRE certificate holders of the Exchange, ensuring compliance with regulatory requirements and maintaining transparency with stakeholders.
MPCL's forward-thinking approach might influence similar moves by other entities within the sector, reflecting a broader shift towards integrating modern technologies in traditional industries. The investment represents a significant commitment to not only enhancing MPCL’s service offerings but also boosting its market standing and competitive edge.