April 03, 2024 (MLN): Pakistan Refinery Limited (PSX: PRL) and Air Link Communication Limited (PSX: AIRLINK) have withdrawn the intention to acquire 77.42% of shares and control of Shell Pakistan (PSX: SHEL) as negotiations with the seller could not materialize.
The aforesaid information was disseminated through the notification to exchange by both companies today.
On July 17, 2023, both companies submitted a Public Announcement of Intention (PAI) to acquire 77.42% shares and control of Shell Pakistan.
The PAI was also published in the Business Recorder and Nawai-e-Waqt on July 19, 2023.
The withdrawal of the PAI in the form and substance attached to this letter will also be published on April 3, 2024, in the same newspapers.
To recall, the Board of Directors (BoD) of Shell Pakistan expressed their intent to sell its shareholding in SHEL on June 14, 2023.
Pertaining to Shell PLC’s announcement to exit Pakistan, lately, intense speculation sparked about the potential buyer who will acquire Shell PLC’s stake in the country.
Amidst the uncertainty, all eyes were focused on Saudi Wafi Energy Co., which made headlines with its agreement to enter the Saudi mobility market via trademark licensing with Shell Global last year.
The partnership between these two industry giants has raised hopes that Saudi Wafi Energy Co. could be the frontrunner to purchase Shell PLC’s stake in Pakistan or even establish a franchise similar to its successful venture in Saudi Arabia, well-informed sources told Mettis Link News.
However, the intention of PRL and AIRLINK reflects that Shell might be acquired by domestic players.
PRL is one of the five refineries operating in Pakistan. The company is engaged in the production and sale of petroleum products. The company is a subsidiary of Pakistan State Oil Company Limited (PSO).
Meanwhile, AIRLINK is one of the largest smartphone distributors, manufacturers, and retailers in Pakistan with over a decade-long experience in the telecom industry.
It has a nationwide network linked with over 16+ hubs & Regional offices, 1100 + wholesalers, and 4,000+ retailers with aftersales support service centres in all major cities of Pakistan.
Copyright Mettis Link News
Posted on: 2024-04-03T09:21:29+05:00
