Shell Pakistan to undergo ownership change as SPCO sells stake to WAFI Energy

November 01, 2023 (MLN): Shell Pakistan Limited (PSX: SHEL) will have to undergo a major ownership change as Shell Petroleum Company Limited (SPCO) executed a Share Purchase Agreement (SPA) with Wafi Energy LLC (WAFI Energy) on October 31, 2023, the company's filing on PSX showed today.

This agreement is for the sale of SPCo's entire shareholding in the company, comprising 165,700,304 shares and representing 77.42% of the issued share capital of the company.

Completion of the transaction will be subject to the issuance of a public offer by WAFI Energy, receipt of requisite approvals including clearance from the Competition Commission of Pakistan (CCP), and the satisfaction of other closing formalities.

Yesterday, Arif Habib Limited as the manager of the offer by WAFI Energy LLC, submitted a public announcement of Intention to acquire up to 77.42% shares of SHEL by WAFI Energy LLC. 

To recall, Mettis Global earlier in June hinted at Saudi Wafi Energy potentially acquiring SHEL’s stake in the country.

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