Saudi Arabia’s WAFI Energy Delays Acquisition of Shell Pakistan Ltd

Riyadh-based Wafi Energy has extended the date for the Public Announcement of Offer to acquire 77.42 percent of the issued share capital of Shell Pakistan Limited (PSX: SHEL) till July 27, 2024, the petroleum company said on Friday. “The acquirer has taken all reasonable steps towards completing necessary regulatory procedures to submit the Public Announcement of Offer (“PAO”). Some of these regulatory procedures are however yet to be completed,” SHEL filing stated. It added, “Please be assured that the Acquirer shall continue to apply all efforts in expediting the aforementioned actions”. Originally, the deadline for submitting the Public Announcement of Offer (PAO) was April 28, 2024. However, due to the outstanding regulatory matters, WAFI decided to extend this deadline by 90 days. The filing said this extension aligns with Regulation 7(1) of Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017. Consequently, the new deadline for the Public Announcement of Offer is July 27, 2024. The sale is part of Shell’s strategy to high-grade its mobility network and was first announced on Capital Markets Day in June 2023.