Wafi Energy Moves to Acquire Over 24 Million Shares of Shell Pakistan in a Major Takeover Bid

Karachi: In a significant development in the corporate sector, Wafi Energy Holding Limited has initiated a public offer to acquire up to 24,162,179 ordinary shares of Shell Pakistan Limited, representing approximately 11.29% of its total issued share capital. This move follows a substantial share purchase agreement with The Shell Petroleum Company Limited and aligns with regulatory requirements under the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2017.

According to information available from the Pakistan Stock Exchange (PSX), this strategic acquisition is part of a broader takeover plan where Wafi Energy has already secured about 77.42% of Shell Pakistan’s shares through a previous agreement. The current offer, priced at PKR 155.11 per share, was formally announced on July 27, 2024, and includes arrangements for a robust financial backing, ensuring compliance and fulfillment of the offer terms.

The public offer, detailed on Arif Habib Limited’s website, highlights the procedural steps for shareholders to participate, including submission deadlines and necessary documentation to facilitate the share transfer process. Shareholders have from September 13 to September 19, 2024, to accept the offer, with a firm closing date set for the latter.

This transaction not only reflects significant movements within the energy sector but also marks a pivotal moment for corporate acquisitions in Pakistan, emphasizing the stringent regulatory compliance and strategic maneuvers involved in such high-stake business deals.