Wafi Energy Holding announces public offer to acquire additional shares of Shell Pakistan

Wafi Energy Holding Limited has announced a public offer to purchase up to 24,162,179 ordinary shares of Shell Pakistan Limited. This acquisition represents 11.29% of Shell Pakistan’s issued ordinary share capital at an offer price of Rs 155.11 per share. 

Arif Habib Limited (AHL), the manager of the offer shared the information with the Pakistan Stock Exchange (PSX) through a notice on Thursday.

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% of Shell Pakistan’s total issued share capital at Rs 118.00 per share. 

Following this, 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. This acquisition strategy underscores Wafi Energy’s commitment to expanding its influence within the Pakistani energy sector.