Prax Overseas Holdings to acquire up to 77.42% stake in Shell Pakistan

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MG News | October 16, 2023 at 11:58 AM GMT+05:00

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October 16, 2023 (MLN): Prax Overseas Holdings Limited has publicly announced its intention to acquire up to 77.42% of the issued and paid-up share capital and control of Shell Pakistan Limited (PSX: SHEL).

This information was disclosed by AKD Securities Limited (PSX: AKDSL), the manager of the offer, on Monday.

It is worth mentioning that Shell Petroleum Company Limited (SPCo) announced on June 14 its intention to sell its shareholding in SHEL.

The notice issued by SHEL added that any sale would be subject to a targeted sale process, the execution of binding documentation, and the receipt of applicable regulatory approval.

At the time of writing, SHEL's share is being traded at Rs165.60, up by 6.16 rupees or 3.86% compared to the previous close.

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