Wafi Energy Makes Offer to Acquire Additional Shares in Shell Pakistan Limited

Karachi: Wafi Energy Holding Limited, based in Abu Dhabi, has announced a public offer to acquire up to 24,162,179 ordinary shares of Shell Pakistan Limited, representing 11.29% of the issued ordinary share capital. This public offer follows an earlier acquisition where Wafi Energy acquired a majority stake in Shell Pakistan. The offer price is set at PKR 155.11 per ordinary share.

On October 31, 2023, Wafi Energy entered into a share purchase agreement to acquire approximately 77.42% of Shell Pakistan at a price of PKR 118.00 per share from The Shell Petroleum Company Limited. This transaction was later updated through a novation agreement effective April 1, 2024, transferring all rights and obligations from the original acquirer to Wafi Energy. The public announcement of this offer extension was made on April 24, 2024, as per the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

According to information available from the Pakistan Stock Exchange (PSX), the notice of this offer will be published in prominent Pakistani newspapers including Dawn, Jung, and Nawa-i-Waqt on August 17, 2024. The acquisition aligns with Wafi Energy’s strategic objectives to expand its footprint in the energy sector across the region, intending to utilize Shell Pakistan’s assets to boost operational efficiencies and market competitiveness.

The financial arrangements for the acquisition have been secured, with Wafi Energy providing bank guarantees to cover the total amount of the public offer, ensuring compliance with the Securities Act, 2015. Shareholders interested in participating in the public offer must submit their acceptance by September 19, 2024, with the offer period running from September 13 to September 19, 2024. The acceptance procedure involves transferring shares to the designated manager to the offer, Arif Habib Limited, who has confirmed the acquirer’s capability to fulfill the obligations of the offer.

The management of Wafi Energy, led by Mr. Osama Hussain Alsayed, has confirmed that the target company will continue as a listed entity post-acquisition, aiming to lead the market in its sector. This acquisition is part of Wafi Energy’s broader plan to enhance its presence in the energy market, promising substantial investments in the technological and operational upgrades of Shell Pakistan.

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