Local investors have rescinded their bid to purchase shares in Shell Pakistan Ltd following the completion of a deal between Shell’s parent company and a Saudi Arabian group.
Pakistan Refinery Ltd (PRL) and Air Link Communication Ltd communicated their withdrawal to the Pakistan Stock Exchange (PSX) on Wednesday.
Muzaffar Paracha, CEO of Air Link, stated that the withdrawal was a formal step to inform the regulatory authority about their investment plans.
According to Paracha, Shell Petroleum Company Ltd (SPCo) and Wafi Energy Company LLC, a Saudi Arabian fuel station operator, finalized a share purchase agreement for SPCo’s holdings in Shell Pakistan Ltd.
He explained that after the public disclosure of the deal by Shell Pakistan, they had the options to either retract their interest in acquiring shares or contest the transaction, with the former being the chosen course of action.
Shell Pakistan, part of the global energy conglomerate Royal Dutch Shell Plc, is a major entity in Pakistan’s petrochemical sector.
The company announced in June 2023 that it would sell its shareholding, with SPCo owning 77.42 per cent as of December 2022.
The stake transfer to Wafi Energy is subject to several conditions, including a public offer on the PSX and obtaining necessary regulatory approvals, such as from the Competition Commission of Pakistan (CCP).
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