Shell Pakistan acquisition by Wafi Energy Holding faces delay

By MG News | April 26, 2024 at 02:30 PM GMT+05:00

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April 26, 2024 (MLN): The Public Announcement of the Offer (PAO) for acquiring a 77.42% stake in Shell Pakistan Limited by Wafi Energy Holding has been extended to July 27, 2024, the company's filing on PSX revealed.

The original deadline to submit PAO was April 28, 2024. Arif Habib (Manager of the offer) attributed this delay to those regulatory procedures yet to be completed.

"Wafi Energy Holding has taken all reasonable steps towards completing the necessary regulatory procedures to submit the PAO. Some of these regulatory procedures are however yet to be completed," Arif Habib wrote in a notification to exchange.

Given the above, on behalf of the Acquirer, Arif Habib intimated to the Securities and Exchange Commission of Pakistan and the Pakistan Stock Exchange that the Acquirer is extending the date for the Public Announcement of the Offer by ninety (90) days. Therefore, the time for making the Public Announcement of the Offer in respect of the Transaction is extended till July 27, 2024.

This is under Regulation 7(1) of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 (the "Regulations").

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