Arif Habib issues Wafi Energy's offer, acceptance letters to Shell shareholders

September 11, 2024 (MLN): Arif Habib Limited (PSX: AHL) has dispatched the offer letters, along with relevant instructions and letters of acceptance from Wafi Energy Holding Ltd, to all shareholders of Shell Pakistan Limited (PSX: SHEL).

AHL, the manager of the offer informed market participants through a notice issued to PSX today.

This follows Wafi Energy Holding Ltd's public announcement on July 25, 2024, regarding its intention to acquire up to 24,162,179 shares, which constitute 11.29% of the total shareholding in the company.

To recall, WAFI Energy LLC, entered into a share purchase agreement dated October 31, 2023, with SHEL for the purchase of 165.7m shares representing approximately 77.42% of the total issued ordinary share capital of the company at a price of Rs118.00 per ordinary share.

Subsequently, due to a change in the capital ownership structure of WAFI Energy LLC, a new foreign entity called Wafi Energy Holding Limited replaced WAFI Energy LLC as the acquirer for this acquisition of 77.42% shares of SHEL on April 05, 2024.

SHEL, Wafi Energy LLC, and Wafi Energy Holding Limited entered into a novation agreement with effect from April 01, 2024, by virtue of which all the rights and obligations of the original acquirer were assigned and transferred to the new acquirer.

On April 24, 2024, the acquirer extended the date for the public announcement of the offer by ninety (90) days to July 27, 2024.

Therefore, the acquisition falls within the ambit of Section 111(c) of the Securities Act, 2015, and the acquirer has offered to purchase additional voting shares representing 11.29% of the total issued share capital of SHEL by way of a public offer.

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