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Hi-Tech Banks IPO Funds on Fuels BY K. VENKATESHWAR RAO • FEBRUARY 28, 2017

In the year since its January 2016 initial public offering, Pakistan’s Hi-Tech Lubricants Ltd. has invested around 1.2 billion rupees (U.S. $11.4 million) of the funds it raised, mostly on its foray into the fuel retail and service center businesses, which it said will be a boon to its lubricants sales. “To increase infiltration into the market, we are venturing into the [fuel marketing] business,” CEO Hassan Tahir told Lube Report Asia. “With licenses already received, we have plans to open 300 fuel stations nationwide by the end of 2020.” Hi-Tech expects fuels to make up around 45 percent of its total revenue within a year after its first sale, which it forecasts to occur in the last quarter of 2017 or first quarter of 2018. By its fourth year of operations, Hi-Tech said revenue from its fuels sales alone could be up to 250 percent higher than its current income. Hi-Tech will market mostly motor spirit and high-speed diesel products. Fuel retail will help Hi-Tech grow its lub