WAFI Energy LLC intends to acquire 77.42% shares of Shell Pakistan

MG News | October 31, 2023 at 09:47 AM GMT+05:00

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October 31, 2023 (MLN): Arif Habib Limited as the manager to the offer by WAFI Energy LLC, has submitted a public announcement of Intention to acquire up to 77.42% shares of Shell Pakistan Limited (PSX: SHEL) by WAFI Energy LLC, latest filing by Arif Habib on the PSX showed today.

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

Brief description of the intended acquisition:

Intended acquisition through	Number of shares	Number of shares
Agreement(s)	165,700,304 shares	77.42%
Public offer	24,162,179 shares	11.29%

The public announcement of intention to acquire voting shares/control of SHEL is subject to obtaining the requisite regulatory approvals, including clearance of fit and proper criteria from any regulatory authority, if applicable.

The public announcement of intention may be withdrawn if requisite approvals are not granted by the concerned regulatory authority(ies).

To note, the share price quoted on the securities exchange one day before the public announcement of intention was Rs156.60 per share.

Meanwhile, the weighted average share price as quoted on the securities exchange during 28 days preceding the date of the public announcement of intention was Rs155.11 per share

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