Karachi: Prax Overseas Holdings Limited has formally withdrawn its intention to acquire a controlling stake in Shell Pakistan Limited. The initial Public Announcement of Intention (PAI) to acquire at least 77.42% of the issued and outstanding ordinary shares was published on October 16, 2023, in Business Recorder and Nawa-i-Waqt. However, following a subsequent announcement by Shell Pakistan Limited on November 1, 2023, and in compliance with Regulation 21 of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, the acquirer has decided to retract the PAI. AKD Securities Limited, acting as the Manager to the Offer, has informed the Pakistan Stock Exchange of this withdrawal and is available for any further information or clarification.