Arif Habib Limited (PSX: AHL) has sent out offer letters, along with relevant instructions and letters of acceptance from Wafi Energy Holding Ltd, to all shareholders of Shell Pakistan Limited (PSX: SHEL). This development was announced in a notice issued to the Pakistan Stock Exchange (PSX) today by AHL, the manager of the offer.
This action follows Wafi Energy Holding Ltd’s public announcement on July 25, 2024, of its intention to acquire up to 24,162,179 shares, representing 11.29% of Shell Pakistan’s total shareholding.
Previously, on October 31, 2023, WAFI Energy LLC entered into a share purchase agreement with Shell Pakistan to acquire 165.7 million shares, which constitute approximately 77.42% of the company’s total issued ordinary share capital, at Rs. 118.00 per share.
However, due to a change in the capital ownership structure of WAFI Energy LLC, a new foreign entity, Wafi Energy Holding Limited, replaced WAFI Energy LLC as the acquirer for the 77.42% stake in Shell Pakistan on April 5, 2024.
A novation agreement was executed on April 1, 2024, between Shell Pakistan, Wafi Energy LLC, and Wafi Energy Holding Limited, transferring all rights and obligations from the original acquirer to the new entity.
On April 24, 2024, the acquirer extended the deadline for the public announcement of the offer by 90 days, moving it to July 27, 2024. This acquisition process falls under the purview of Section 111.
