Islamabad: A Saudi-based oil company Wafi Energy has conditionally advanced in its public offer to acquire shares of Shell Pakistan Limited, following the expiration of the acceptance period on Thursday. The news has been sourced from an article featured on September 20.
In a notification to the Pakistan Stock Exchange (PSX) on Friday, Arif Habib Limited, the offer’s managing firm, stated that the acceptance period for the Public Offer ended on September 19, 2024. During this time, the number of shares tendered did not meet the public offer threshold of 24,162,179 but exceeded the minimum required for the conditional offer at 16,913,525.
Wafi Energy launched this public offer in July 2024, seeking to acquire up to 24,162,179 ordinary shares of Shell Pakistan Limited, which represents approximately 11.29% of the company’s shareholding. This potential acquisition marks a significant shift in Shell Pakistan’s ownership structure.
As per the announcement, all shareholders who submitted their shares will be considered successful, pending the completion of the necessary formalities.
As a graduate in English Literature, Zohaib believes that words are not just a mere figment of imagination. It takes wisdom to be good at them. Following this reason, he is pursuing his career as Public Relations and Content Specialist at Zameen.com.
