Saudi Oil Company Conditionally Succeeds in Bid to Acquire Shell Pakistan: Wafi Energy, a Saudi oil company, has conditionally succeeded in its bid to acquire shares in Shell Pakistan Limited following the expiration of the Public Offer acceptance period on September 19, 2024. Although the number of shares tendered fell short of the 24,162,179-share threshold, it surpassed the minimum requirement of 16,913,525 shares, allowing the offer to proceed conditionally.
The acquisition represents approximately 11.29% of Shell Pakistan’s shareholding. Arif Habib Limited, which facilitated the offer, stated that all shareholders who tendered their shares will be deemed successful, pending completion of documentation.
The Public Announcement of Offer for this acquisition was initially made in July 2024. This marks a significant step in Wafi Energy’s expansion efforts in Pakistan’s energy sector.