Mari Energies diversifies, acquires 5% stake in Kohesultan Mining Co

KARACHI: Mari Energies Limited (Mari), formerly Mari Petroleum Company Limited, announced on Wednesday it has entered into a definitive agreement to acquire a 5.0 per cent stake in Kohesultan Mining Company Limited (KMCL).

The acquisition, subject to regulatory approvals, marks a key step in Mari Energies’ diversification strategy, expanding its presence beyond its core hydrocarbon business. KMCL, a joint venture between Siahkoh Mining Development (SMC-Private) Limited and MCC Tongsin Resources Ltd (MCCT), is responsible for managing the Siahdiq Copper Project in Chagai, Balochistan.

“This acquisition aligns with our strategic objectives,” the company said in a statement to the Pakistan Stock Exchange (PSX). “It contributes towards the enhancement of the growth and sustainability of Pakistan’s mineral sector.”

Mari Energies, operator of Pakistan’s largest gas reservoir at Mari Gas Field, Daharki, Sindh, is the country’s second-largest producer of natural gas. In August 2023, the company announced the issuance of bonus shares, reflecting its strong financial position and plans for further growth and diversification.