Saudi Oil Company Successfully Buys Stake in Shell Pakistan

Wafi Energy Holding Limited has successfully concluded the purchase of an 11.29 percent stake in Shell Pakistan Limited (SPL), manager to the offer Arif Habib Limited (AHL) said in its final report on the transaction on Tuesday. The acquisition comprises up to 24.162 million shares (11.29 percent) of the total issued and paid-up share capital of SPL at Rs. 155.11 per share. This comes after AHL’s earlier announcement on Monday where it said Wafi Energy had filled all obligations to buy 11.29 percent of SPL. The Public Announcement of Intention pursuant to the Transaction was published through AHL on October 31, 2023. Subsequently, an addendum to the Public Announcement of Intention was published on April 5th, 2024. Subsequently, in accordance with the provisions of the Securities Act 2015 and the Listed Companies Regulations, 2017 (collectively the “Takeover Regulations”), the Acquirer made a Public Announcement of Offer on July 25, 2024 to acquire 24,162,179 shares of Target Company (representing 11.29% of the total issued and paid-up capital). The share acceptance period for the said Public Offer expired on September 19, 2024. As required under the Takeover Regulations, the Acquirer was required to complete all formalities related to the Public Offer, including the dispatch of payment to shareholders as a consideration against the shares tendered, within ten (10) days of the close of the acceptance period. This letter from AHL, the Manager to the Offer, hereby confirms that the Acquirer has fulfilled all its obligations under the Takeover Regulations and the payments have also been dispatched to all the shareholders who tendered their shares as part of this Public Offer.