Wafi Energy has conditionally succeeded in its acquisition of shares in Shell Pakistan Limited following the expiration of the acceptance period for the Public Offer on Thursday, September 19, 2024.
According to Arif Habib Limited, the acceptance period concluded with the number of shares tendered falling below the public offer threshold of 24,162,179 but exceeding the minimum level of acceptance for a conditional offer, which was set at 16,913,525 shares.
This development means that all shareholders who tendered their shares will be considered successful, pending the completion of necessary documentation.
The announcement follows the Public Announcement of Offer (PAO) by the Saudi oil company, which aimed to acquire up to 24,162,179 ordinary shares of Shell Pakistan Limited, representing approximately 11.29 percent of the company’s shareholding interest.
The PAO was initially published in media outlets in July of this year, marking a significant move by Wafi Energy to expand its presence in the Pakistani market.
