Arif Habib Limited Announces Conclusion of Acceptance Period for Shell Pakistan Share Acquisition

Lahore: Arif Habib Limited, overseeing the public offer to acquire shares of Shell Pakistan Limited, announced the conclusion of the acceptance period on September 19, 2024. The offer, initiated by Wafi Energy Holding Limited (“Acquirer”), aimed to secure up to 24,162,179 ordinary shares, representing approximately 11.29% of Shell’s total shareholding.

The Public Announcement of Offer (PAO) was initially made on July 27, 2024, and published in prominent national dailies, Business Recorder and Nawa-e-Waqt. The acquisition targeted a significant portion of Shell Pakistan Limited’s outstanding shares to increase Wafi Energy’s stake in the company.

During the specified acceptance period, the shares tendered fell short of the target but exceeded the minimum threshold necessary for a conditional offer, which was set at 16,913,525 shares. Consequently, all shareholders who participated in the tender process and met the required conditions will be deemed successful, pending the completion of necessary documentation.

According to information available from the Pakistan Stock Exchange (PSX), the transaction’s completion will potentially influence Shell Pakistan’s market dynamics, reflecting Wafi Energy’s strategic intent to enhance its influence within the energy sector of Pakistan.

Arif Habib Limited will soon provide the Securities and Exchange Commission of Pakistan with final statistics after a thorough review of all submissions related to this offer.

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