WAFI Energy LLC replaced by Wafi Energy Holding to acquire 77.42% stake in Shell Pakistan

MG News | April 04, 2024 at 11:30 AM GMT+05:00

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April 04, 2024 (MLN): Due to a change in the capital ownership structure of WAFI Energy LLC, a new foreign entity called "Wafi Energy Holding Limited" will now replace WAFI Energy LLC as the acquirer for this acquisition of 77.42% shares of Shell Pakistan Limited (PSX: SHEL) , with Asyad Holding acting in concert.

Arif Habib Limited (PSX: AHL), the manager of the offer, informed through its latest filing on PSX today.

As a result, AHL has submitted the addendum on behalf of Wafi Energy Holding Limited for the acquisition of the target company.

To recall, on October 31, 2023, WAFI Energy LLC, submitted a public announcement of Intention to acquire up to 77.42% shares of SHEL.

This was hinted by Mettis Global earlier in June, suggesting that Saudi Wafi Energy may potentially acquire SHEL’s stake in the country.

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