Saudi Oil Company Conditionally Succeeds in Public Offer to Buy Shell Pakistan

Wafi Energy has conditionally succeeded in its acquisition of shares in Shell Pakistan Limited after expiration of the acceptance period for the Public Offer which expired on Thursday, September 19, 2024. “The acceptance period for the subject Public Offer made by the Acquirer ended on September 19, 2024. During the acceptance period, the number of shares tendered was below the public offer threshold of 24,162,179 but above the minimum level of acceptance for conditional offer (16,913,525),” Arif Habib Limited informed PSX on Friday. All shareholders who have tendered their shares shall be deemed successful subject to completion of documentation, the filing added. This announcement comes in reference to the Public Announcement of Offer (PAO) by the Saudi oil company to acquire up to 24,162,179 ordinary shares of Shell Pakistan Limited which represents approximately 11.29 percent of the shareholding interest of Shell. The PAO was first published in media outlets in July this year.