16th Oct 2019 15:30
(Alliance News) - Soco International PLC said Wednesday investors overwhelmingly agreed to change the oil & gas firm's name to Pharos Energy PLC.
In early September, Soco proposed to change its name after completing the USD215 million acquisition of Merlon Petroleum El Fayum Co in April.
"Soco, under the proposed new name Pharos Energy, intends to position itself as an independent oil and gas company focussed on sustainable long-term growth and shareholder returns, with a regional focus on Asia and MENA [Middle East & North Africa]," Soco explained at the time.
On Wednesday, 99.9% of votes cast on the proposed name change were in favour of the move. In total, 50% of total issued capital voted on the proposal.
Shares in Soco were 1.9% lower at 61.80 pence in London on Wednesday. The name change is expected to take place later on Wednesday.
By Ahren Lester; [email protected]
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