Saudi Arabia’s Wafi Energy Announces Public Offer to Acquire Additional Shares of Shell Pakistan

Wafi Energy Holding Limited has announced a public offer to acquire up to 24,162,179 ordinary shares of Shell Pakistan Limited at an offer price of Rs. 155.11 each, manager to the offer Arif Habib Limited informed the Pakistan Stock Exchange (PSX) on Thursday. The shares represent 11.29 percent of the issued ordinary share capital of the Shell Pakistan Limited. Earlier, Wafi Energy LLC, the original acquirer, entered into a share purchase agreement on October 31, 2023, with The Shell Petroleum Company Limited for acquiring 165,700,304 ordinary shares, approximately 77.42 percent of Shell Pakistan’s total issued share capital at Rs. 118 per share. Subsequently an addendum to the public announcement of intention was published on April 5, 2024, due to a change in the capital ownership structure of the Acquirer, a new foreign entity “Wafi Energy Holding Limited” will replace Wafi Energy LLC as “Acquirer” for Acquisition of up to 77.42 percent shares of Shell Pakistan Limited with Asyad Holding acting in concert. Afterwards, a novation agreement was executed between Shell, Wafi Energy LLC, and Wafi Energy Holding Limited, assigning all rights and obligations from the Original Acquirer to Wafi Energy Holding Limited, effective April 1, 2024. An addendum reflecting the change in the acquirer’s identity was published on April 5, 2024. Subsequently, the public announcement of the offer was extended to July 27, 2024. The current acquisition falls under Section 111(c) of the Securities Act, 2015. Wafi Energy Holding Limited aims to further strengthen its position in Shell Pakistan by acquiring these additional shares.