PRL, Air Link Withdraw Bid to Buy 77.4% Stake in Shell Pakistan Ltd

Pakistan Refinery Limited (PSX: PRL) and Air Link Communication Limited (PSX: AIRLINK) have withdrawn their intention to acquire 77.42 percent shares and control of Shell Pakistan Limited (PSX: SHEL), the refinery told the main bourse on Wednesday. “Negotiations with the seller could not materialize, therefore, the Acquirers hereby withdraw the intention to acquire 77.42% shares and control of Shell Pakistan Limited under Regulation 21(1)(b) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017 (the “Regulations”),” the stock filing stated. It bears mentioning that Shell Petroleum Company Limited (SPCo) in June 2023 told PSX that it wanted to sell its stake in SHEL. Both PRL and AIRLINK had last year submitted a Public Announcement of Intention (PAI) to acquire 77.42 percent or 165.7 million shares and control of Shell Pakistan Limited while another 11.29 percent or 24.1 million shares through a Public Offer. Today’s withdrawal of PAI by both companies casts doubt on whether SHEL will be sold to domestic buyers at this point in time.